US’ February base oils exports fall

US base oils exports fell in February after rebounding in January to a six-month high.

The slowdown coincided with plant-maintenance work in the US and ongoing pressure on prices in key overseas markets like Europe.

Falling prices complicated arbitrage opportunities and deterred buyers in overseas markets.

Total base oils exports of 1.58mn bl (222,540t) in February fell from 1.89mn bl the previous month, US government data showed.

The volume remained up sharply from a near-decade low of 1.00mn bl in December but down from average levels of 1.67mn bl/month in 2022.