Lube demand in Latin America rose in July for the second time in three months as firmer consumption in markets like Brazil and Peru outweighed slower demand in Mexico and Argentina.
Total consumption of close to 180,000t in July rose from less than 175,000t in June and by 6pc from year-earlier levels, government and industry data showed.
The higher consumption lifted total demand to 1.24mn t in the first seven months of the year, up 2pc from 1.21mn t during the same period last year.
The region’s firmer lube demand this year contrasted with a slump in lube consumption in the US, lower demand in Asia and a sustained slowdown in consumption in Europe.
Demand in Latin America got support mostly from strong lube consumption in Brazil throughout most of the year.
Mexico’s lube consumption also continued to rise in the first quarter of the year, before shrinking steadily since May.