US base oil exports to Brazil rose in February to their highest in at least seven years, reversing a recent slowdown in shipments to South America's largest market.Exports of 378,110bl (53,250t) in February almost tripled from 100,500bl the previous month, government data showed. Exports rose above the 200,000bl level for only the second time in the last six months..The slowdown in shipments in the interim coincided with a drop in Brazil’s own base oil production. Supply fell to clear a growing overhang of surplus volumes and as domestic lube demand began to contract from the middle of last year.Brazil’s lube demand extended its slowdown at the start of this year. But supply was now increasingly balanced relative to that lower consumption.The surge in US exports to Brazil in February coincided with a pick-up in shipments to Mexico. The rise in US supplies to those markets contrasted with a slump in shipments to more distant outlets like Europe, Africa and India..US’ Feb base oil exports to Mexico rise
