US base oils exports rose to a record-high in March as producers cleared a large build-up of surplus supplies.

Base oils exports of 2.55mn bl (360,000t) in March surged from 1.58mn bl the previous month and by 9pc from year-earlier levels, government data showed.

Exports of 2.34mn bl in March 2022 had been the previous record-high.

Exports of 6.02mn bl in the first three months of the year rose from 4.13mn bl during the previous quarter to the highest quarterly level in almost five years.

Base oils exports surged in March even amid the ongoing shutdown of a major base oils plant in the US for scheduled maintenance work.