Argentina’s Feb base oil imports fall

Argentina’s base oil imports fell in February to an 18-month low, balancing out a surge in supplies the previous month.

Total imports of 2,320m³ (2,060t) in February fell from more than 14,000m³ the previous month, government data showed. Most of the supplies originated from the US and Malaysia.

Even with the sharp fall, total imports of 16,650m³ in the first two months of the year was only slightly lower than imports of around 18,000m³ in the four months combined to last December.

The drop in base oil imports coincided with lower domestic base oil production in February.

That slowdown had also followed higher-than-usual base oil production levels during the previous two months.

Higher production and imports had boosted the country’s total base oil supplies to more than 40,000m³ in December and January combined. The volume was up from less than 32,000m³ in the three months to November combined.

The slowdown in February suggested moves to consume some of the larger-than-usual supplies that had built during the previous two months.

The drop in imports followed a sustained slide in Argentina’s lubricant production in recent months. But the country’s lube demand rose in February for the first time in three months.