Argentina’s February lube demand rises

Argentina’s lube demand rose in February for the first time in three months amid a pick-up in consumption of automobile lubricants.

Total lube demand of 18,060m³ (16,000t) in February rose from 15,460m³ in January to a four-month high, government data showed.

Lube consumption rose by 6pc from year-earlier levels, after shrinking in three of the previous four months.

The country's lube demand rose even amid weaker industrial production at the start of the year and as automobile sales extended their slide into February.

But the pace of the fall in auto sales was the slowest in seven months.

Argentina’s economy is forecast to extend its recovery this year and next, even if at a slower pace than in 2021.

The country's firmer lube consumption in February contrasted with other regional markets like Brazil. That country's lube demand fell in February for a sixth straight month.

Higher consumption of automobile lubricants led the pick-up in Argentina’s lube demand in February. The recovery countered an ongoing slowdown in its consumption of industrial lubricants.