Brazil’s base oil imports stayed lower than usual in February, curbing the size of a sustained surplus that built over the past year.Base oil imports of 49,090m³ (43,480t) in February fell by 5pc from 51,560m³ the previous month, government data showed. Imports fell for a fourth straight month from year-earlier levels to the second lowest volume since mid-2020..Brazil’s base oil imports had surged throughout most of last year after domestic supply had been unusually tight in 2020. But the country’s domestic base oil production also rebounded in 2021, while lube demand has been sliding since last July.The mismatch between supply and demand left large surplus volumes throughout the year.That supply overhang began to shrink from the end of 2021 as domestic base oils production fell from unusually high levels earlier in the year.The country’s base oil imports have also begun to slow.Imports of 133,430m³ in the three months to February were down by more than half from more than 300,000m³ during the previous three months.The trend has cut Brazil’s net surplus, or production plus imports less domestic and overseas demand, to less than 15,000m³ over the last three months. The surplus fell from more than 170,000m³ in the three months to November..Brazil’s Feb base oils production falls
