Latin America’s lube demand held firm in January as rising consumption in markets like Brazil and Chile balanced out an ongoing slowdown in demand in outlets like Mexico and Argentina.Firm consumption raised the prospect of sustaining steady requirements for base oils supplies to cover that demand.The region was set to cover more of those base oils requirements with its own supplies following a recovery in output and build-up of surplus volumes in Brazil from late last year.Steady lube demand raised the prospect of using up those base oils supplies faster and contrasted with a prolonged slide in consumption in the US.Lube consumption in Europe also remained muted.Europe required more Group II supplies from the US early this year to cover for a drop in regional output because of plant maintenance work.Those requirements boosted the attraction of moving more US base oils supplies to Europe.The US' January base oils exports instead fell more sharply to Europe than its shipments to Latin America.The trend raised the prospect of prolonging the region’s surplus supply.Latin America’s lube consumption of around 160,000t in January rose from less than 153,000t in December and by 0.5pc from year-earlier levels.The rise in demand masked diverging growth trends within the region.Brazil’s lube demand rose in January for the eighth time in nine months.Argentina’s consumption fell in January for the sixth time in seven months and at its fastest pace since first-half 2020.The rise in Latin America's lube demand for the third time in four months coincided with a prolonged rise in the region’s automobile sales throughout most of the last two years..Brazil’s January lube demand rises.Argentina’s January lube demand falls
Latin America’s lube demand held firm in January as rising consumption in markets like Brazil and Chile balanced out an ongoing slowdown in demand in outlets like Mexico and Argentina.Firm consumption raised the prospect of sustaining steady requirements for base oils supplies to cover that demand.The region was set to cover more of those base oils requirements with its own supplies following a recovery in output and build-up of surplus volumes in Brazil from late last year.Steady lube demand raised the prospect of using up those base oils supplies faster and contrasted with a prolonged slide in consumption in the US.Lube consumption in Europe also remained muted.Europe required more Group II supplies from the US early this year to cover for a drop in regional output because of plant maintenance work.Those requirements boosted the attraction of moving more US base oils supplies to Europe.The US' January base oils exports instead fell more sharply to Europe than its shipments to Latin America.The trend raised the prospect of prolonging the region’s surplus supply.Latin America’s lube consumption of around 160,000t in January rose from less than 153,000t in December and by 0.5pc from year-earlier levels.The rise in demand masked diverging growth trends within the region.Brazil’s lube demand rose in January for the eighth time in nine months.Argentina’s consumption fell in January for the sixth time in seven months and at its fastest pace since first-half 2020.The rise in Latin America's lube demand for the third time in four months coincided with a prolonged rise in the region’s automobile sales throughout most of the last two years..Brazil’s January lube demand rises.Argentina’s January lube demand falls
