Singapore's base oil exports increased in July for the second consecutive month, according to global trade tracker (GTT) data, because output partially recovered at a key Singapore refinery.
- July exports rose on the month and year to 142,700t, but was still 13pc below the 2021-25 monthly average of 164,800t.
- Supplies from Singapore plunged to a six-year low in May, because the de facto closure of the strait of Hormuz disrupted crude supplies and base oil production in the city state. And a key refinery cut term supplies by around 40pc from May.
- Overall exports have risen since May, because a key refinery progressively lifted term supply cuts for Group I base oils. Group II term volumes remained limited and are only expected to rise from August.
- Export demand remained stable, supported by curtailed availability. Southeast Asia absorbed 47pc of total Singapore exports in July — slightly higher than its typical share of about 41pc, but down from 54pc in June.
- China was the single largest buyer, accounting for 27pc of total exports, followed by Indonesia at 19pc and Thailand at 14pc.
- Lower production continued to drive imports, which hit an over five-year high in July, and supported the inflow of cargoes with a closed arbitrage to Asia.
| Singapore's base oil exports | t | ||||
| Jul'26 | m-o-m ± % | y-o-y ± % | Jan-Jul'26 | y-o-y ± % | |
| China | 38,040 | 44.5 | 81.9 | 277,367 | 8.1 |
| Indonesia | 26,528 | -7.3 | -7.2 | 215,537 | -8.6 |
| Thailand | 20,394 | -4.6 | 8.2 | 157,661 | 26.5 |
| India | 16,577 | 1.2 | -24.2 | 193,870 | -20.8 |
| Total | 142,701 | 20.8 | 0.4 | 1,136,866 | -7.2 |
| Source: GTT | |||||
| Total includes all countries, not just those listed | |||||
