Latin America’s lube demand growth almost halted in November amid shrinking consumption in Mexico and Argentina and a slowdown in demand in Brazil.Lube demand of less than 170,000t in November rose by 1pc from year-earlier levels, government and industry data showed.Consumption slowed from a more-than 13pc growth rate in October to the lowest level since January 2023.The region’s lube consumption typically falls in the fourth quarter of the year from the previous three months.The slowdown faced more pressure this time from shrinking lube consumption in Argentina and Mexico from year-earlier levels in the face weaker economic growth.Brazil’s strong lube demand cushioned the impact of slower consumption in those markets throughout most of last year.Brazil’s lube consumption growth also slowed sharply in November.Slower-than-expected lube demand would curb further the region’s base oils requirements.A likely rise in Brazil’s domestic base oils production from early this year would trim even more the region’s demand for overseas base oils supplies, especially from the US.The slowdown in demand could complicate US refiners’ ability to clear surplus base oils supplies from their domestic market. .Mexico’s November lube demand falls.Brazil’s November lube demand rises
Latin America’s lube demand growth almost halted in November amid shrinking consumption in Mexico and Argentina and a slowdown in demand in Brazil.Lube demand of less than 170,000t in November rose by 1pc from year-earlier levels, government and industry data showed.Consumption slowed from a more-than 13pc growth rate in October to the lowest level since January 2023.The region’s lube consumption typically falls in the fourth quarter of the year from the previous three months.The slowdown faced more pressure this time from shrinking lube consumption in Argentina and Mexico from year-earlier levels in the face weaker economic growth.Brazil’s strong lube demand cushioned the impact of slower consumption in those markets throughout most of last year.Brazil’s lube consumption growth also slowed sharply in November.Slower-than-expected lube demand would curb further the region’s base oils requirements.A likely rise in Brazil’s domestic base oils production from early this year would trim even more the region’s demand for overseas base oils supplies, especially from the US.The slowdown in demand could complicate US refiners’ ability to clear surplus base oils supplies from their domestic market. .Mexico’s November lube demand falls.Brazil’s November lube demand rises
