Argentina’s lube demand fell in January to the lowest in more than three years in the face of a sharp contraction in everything from industrial production to car sales.The drop in lube consumption is likely to extend well into this year as the country deals with high inflation and a sharp currency devaluation.The slowdown in lube consumption is likely to cut Argentina’s requirements for base oils supplies from overseas markets.The sharp rise in the cost of overseas supplies in local currency terms adds to the prospect of lower demand for base oils from markets like the US.Argentina’s lube consumption of around 15,300mᶟ (13,600t) in January fell by 29pc and for a third month from year-earlier levels, government data showed.The volume was the lowest since May 2020, when pandemic-related lockdowns slashed economic activity.The size of the fall in consumption mirrored a sharp slowdown in activity in other segments of Argentina's economy.The country’s automobile sales fell by 28pc and for a third straight month in January.The 13pc fall in industrial production in December was the steepest contraction since May 2020.Argentina’s automobile lube demand fell by 33pc in January and industrial oil consumption by 23pc.National oil company YPF remained Argentina’s largest lube supplier in January. But its 36pc share of the country’s lube sales fell from a more-than 50pc share the previous month.Shell’s market share by contrast accounted for more than 33pc of total lube sales in January, up from less than 22pc in December.Its total sales volume also rose in January from the previous month even as Argentina’s total consumption fell..Brazil’s January lube demand rises.Latin America’s Dec lube demand falls
Argentina’s lube demand fell in January to the lowest in more than three years in the face of a sharp contraction in everything from industrial production to car sales.The drop in lube consumption is likely to extend well into this year as the country deals with high inflation and a sharp currency devaluation.The slowdown in lube consumption is likely to cut Argentina’s requirements for base oils supplies from overseas markets.The sharp rise in the cost of overseas supplies in local currency terms adds to the prospect of lower demand for base oils from markets like the US.Argentina’s lube consumption of around 15,300mᶟ (13,600t) in January fell by 29pc and for a third month from year-earlier levels, government data showed.The volume was the lowest since May 2020, when pandemic-related lockdowns slashed economic activity.The size of the fall in consumption mirrored a sharp slowdown in activity in other segments of Argentina's economy.The country’s automobile sales fell by 28pc and for a third straight month in January.The 13pc fall in industrial production in December was the steepest contraction since May 2020.Argentina’s automobile lube demand fell by 33pc in January and industrial oil consumption by 23pc.National oil company YPF remained Argentina’s largest lube supplier in January. But its 36pc share of the country’s lube sales fell from a more-than 50pc share the previous month.Shell’s market share by contrast accounted for more than 33pc of total lube sales in January, up from less than 22pc in December.Its total sales volume also rose in January from the previous month even as Argentina’s total consumption fell..Brazil’s January lube demand rises.Latin America’s Dec lube demand falls
