Argentina’s lube demand fell in November for the fourth time in five months in the face of surging inflation and slowing economic activity.Expectations of even higher inflation and a steeper slowdown in economic growth over the coming months raised the prospect of extending the fall in lube consumption.A more sustained slowdown in lube demand would curb Argentina’s requirements for base oils supplies.Any such slowdown would overlap with a likely drop in base oils demand in Latin America’s largest markets over the coming months.Argentina’s lube demand of 19,600mᶟ (17,400t) in November fell from close to 21,000mᶟ in October and by 12pc from year-earlier levels.The extended fall in demand cut Argentina’s total lube consumption to 232,200mᶟ in the first eleven months of the year, down 3pc from year-earlier levels.The drop in lube consumption mirrored a sustained fall in the country’s industrial production throughout second-half 2023.Consumer demand also showed signs of slowing even as high inflation incentivized moves to bring forward purchase plans.Argentina’s automobile sales fell in November for the first time since early 2022.The country’s automobile lube consumption fell by 13pc in November, and industrial oils consumption by 8pc..Brazil’s November lube demand rises.Mexico’s October lube demand falls
Argentina’s lube demand fell in November for the fourth time in five months in the face of surging inflation and slowing economic activity.Expectations of even higher inflation and a steeper slowdown in economic growth over the coming months raised the prospect of extending the fall in lube consumption.A more sustained slowdown in lube demand would curb Argentina’s requirements for base oils supplies.Any such slowdown would overlap with a likely drop in base oils demand in Latin America’s largest markets over the coming months.Argentina’s lube demand of 19,600mᶟ (17,400t) in November fell from close to 21,000mᶟ in October and by 12pc from year-earlier levels.The extended fall in demand cut Argentina’s total lube consumption to 232,200mᶟ in the first eleven months of the year, down 3pc from year-earlier levels.The drop in lube consumption mirrored a sustained fall in the country’s industrial production throughout second-half 2023.Consumer demand also showed signs of slowing even as high inflation incentivized moves to bring forward purchase plans.Argentina’s automobile sales fell in November for the first time since early 2022.The country’s automobile lube consumption fell by 13pc in November, and industrial oils consumption by 8pc..Brazil’s November lube demand rises.Mexico’s October lube demand falls