Argentina’s base oils imports held firm in July even as they slipped from the previous month, with most of the supplies originating from the US.
Total base oil imports of 8,100mᶟ (7,200t) in July fell from a seven-month high of 14,600mᶟ the previous month, government data showed.
Imports still rose for a second month from year-earlier levels, lifting total supplies to 60,230mᶟ in the first seven months of the year.
The volume rose from 56,470mᶟ during the same period last year and from around 52,000mᶟ during the same period in 2021.
Supplies from the US accounted for 74pc of total imports in July and 72pc of the total in the first seven months of the year.
The share was up from less than 30pc of the total in second-half 2022.
Buyers instead lined up a wave of arbitrage shipments from other regions during that period.
The larger flow of shipments from US to Argentina showed signs of extending through the third quarter of the year.