Lubricant makers in the United States gobbled up record quantities of imported base stocks in September, according to recent data published by the Energy Information Administration. For only the fifth time since the EIA started collecting data in 1981 has the monthly total passed 2 million barrels.
The U.S. imported 2.1 million barrels of base stocks, up a whopping 77% from September of 2023. Shell-Qatar Petroleum, Abu Dhabi Oil Co. in the United Arab Emirates and producers in South Korea accounted for 1.6 million barrels.
In the same month, U.S. producers exported 3.5 million barrels around the world. Belgium received 483,00 and Mexico 1.5 million.
Exports fell month on month, however, especially in Nigeria, Brazil, Chile and Canada. Traders with Nigeria were likely put off by the currency volatility of the Nigerian naira and scarcity of dollars to pay the bills.
Brazil took consignment of less material, down 64% to 272,000 barrels. Also down by 64% were shipments to Chile. Canadians wanted 10% less American base oil in September, too.