Latin America’s Aug lube demand rises

Lube demand in Latin America extended its rise in August for the third time in four months as a jump in consumption in Brazil outweighed waning demand in other markets.

Total consumption of more than 187,000t in August rose by 9pc from year-earlier levels, government data showed.

The volume rose from less than 180,000t in July to a five-month high.

The rise in demand lifted total lube consumption to more than 1.40mn t in the first eight months of the year, up from 1.38mn t during the same period last year.

The higher demand contrasted with falling consumption in other markets like US, Europe and Asia.

Demand rose in August because of a 21pc surge in Brazil’s lube consumption.

The stronger demand countered a sustained slowdown in consumption in markets like Mexico, Argentina and Chile.