China’s May base oils demand rises

China’s base oils demand rose in May but stayed lower than usual as a slower-than-expected economic recovery curbs lube consumption.

Notional base oils demand, or output plus net imports, recovered to 532,000t in May, government and industry data showed.

The volume rose from 504,000t the previous month and by 12pc from year-earlier levels.

Demand slumped in the second quarter of last year because of lockdowns in key commercial centres like Shanghai.

Demand this year was still down 27pc from more than 720,000t in May 2021.

The muted recovery in demand curbed China’s requirements for overseas base oils supplies from regional refiners.