US base oils exports to Latin America held firm in October amid a surge in flows to Argentina.Base oils exports to Latin America, excluding Mexico, came to 547,000bl (77,000t) in October, government data showed.Exports rose by 34pc and for a sixth month in seven from year-earlier levels but fell from more than 637,000bl in September.The September volume had been the second-highest in more than six years.Shipments to Latin America accounted for more than 32pc of total US base oils exports in October for a second month.The share rose from 28pc in 2022, reflecting the growing importance of Latin America as the main outlet for US base oils.US base oils exports of 120,000bl to Argentina in October were the highest in more than six years.Exports of around 35,000 bl/month to Argentina in the first nine months of the year had already been much higher than usual.The surge in shipments to Argentina coincided with and helped to cover for a pause in the country’s base oils output in October.A similar surge in US base oils exports to Brazil in second-half 2023 helped to cover for plant maintenance work in that country.US export volumes could ease from current levels once base oils output returns to normal in markets like Brazil and Argentina.Competitive US base oils prices could cushion any slowdown in shipments by keeping shut the arbitrage from other sources like Asia-Pacific..US’ October base oils exports fall.US’ Oct base oils exports to Europe fall
