Argentina’s lube demand fell in March for the first time in three months, contrasting with growing signs of a sustained pick-up in economic activity.Slower domestic consumption also contrasted with a surge in base oils exports, boosting the country’s total demand.Lube demand in March fell even before the US’ implementation of tariffs on most imports and the subsequent expectations of a slowdown in global economic growth.Any further dip in lube consumption could duly raise uncertainty about the sustainability and strength of Argentina’s recent economic recovery.Total lube consumption of close to 18,000 cubic meters (15,800 tonnes) in March fell by 4% from year-earlier levels, government data showed.Industrial lube demand fell by 5% and for a fourth straight month.Automobile lube consumption fell by 4% in March and for the first time in five months.The slowdown coincided with a dip in Argentina’s automobile production in March for the first time in four months from year-earlier levels.Even with the contraction, Argentina’s total lube consumption of 51,700 cubic meters in the first quarter of the year rose from year-earlier levels for the first time since first-half 2023..The firmer demand mirrored the country's strong economic growth in February for a third month.A pick-up overseas demand for Argentina’s base oils cushioned the country’s still-weak domestic consumption in the third quarter of last year.It then magnified the recovery in demand from the fourth quarter of the year and into the first quarter of this year.Total base oils exports of 12,600 cubic meters in March rose from 4,600 cubic meters the previous month to the highest in at least a decade.All the supplies in February and March moved to Nigeria.The exports extended a sharp rise in cargo flows to overseas markets from October and contrasted with almost no such shipments for at least a decade before then.The rise in exports coincided with and tapped increasingly tight availability and high prices for Group I base oils in Europe, especially of brightstock.The tight supply put pressure on buyers in markets like West Africa to line up other sources to cover requirements..Argentina’s Feb base oils supply rises.Brazil’s February base oils supply falls
Argentina’s lube demand fell in March for the first time in three months, contrasting with growing signs of a sustained pick-up in economic activity.Slower domestic consumption also contrasted with a surge in base oils exports, boosting the country’s total demand.Lube demand in March fell even before the US’ implementation of tariffs on most imports and the subsequent expectations of a slowdown in global economic growth.Any further dip in lube consumption could duly raise uncertainty about the sustainability and strength of Argentina’s recent economic recovery.Total lube consumption of close to 18,000 cubic meters (15,800 tonnes) in March fell by 4% from year-earlier levels, government data showed.Industrial lube demand fell by 5% and for a fourth straight month.Automobile lube consumption fell by 4% in March and for the first time in five months.The slowdown coincided with a dip in Argentina’s automobile production in March for the first time in four months from year-earlier levels.Even with the contraction, Argentina’s total lube consumption of 51,700 cubic meters in the first quarter of the year rose from year-earlier levels for the first time since first-half 2023..The firmer demand mirrored the country's strong economic growth in February for a third month.A pick-up overseas demand for Argentina’s base oils cushioned the country’s still-weak domestic consumption in the third quarter of last year.It then magnified the recovery in demand from the fourth quarter of the year and into the first quarter of this year.Total base oils exports of 12,600 cubic meters in March rose from 4,600 cubic meters the previous month to the highest in at least a decade.All the supplies in February and March moved to Nigeria.The exports extended a sharp rise in cargo flows to overseas markets from October and contrasted with almost no such shipments for at least a decade before then.The rise in exports coincided with and tapped increasingly tight availability and high prices for Group I base oils in Europe, especially of brightstock.The tight supply put pressure on buyers in markets like West Africa to line up other sources to cover requirements..Argentina’s Feb base oils supply rises.Brazil’s February base oils supply falls
