Argentina’s lube demand fell in January to a 20-month low amid a sustained slide in consumption of automobile lubricants.

Total lube sales of 15,460m³ (13,690t) fell from 17,780m³ the previous month to the lowest since May 2020. Sales had averaged around 19,500 m³/month in 2021.

Argentina’s lube consumption has fallen steadily since the third quarter of last year. The drop in demand coincided with a slowdown in the country’s industrial production growth in second-half 2021.

Industrial production then contracted at the beginning of this year.

The country’s automobile sales have also fallen steadily since last August. That trend has continued into the first two months of this year.

Sales of automobile lubricants fell by 11pc in January from year-earlier levels, and industrial lube demand by 4pc. The outlier was a surge in demand for marine lubricants.