Europe’s Q3 lube demand set to outpace other regions

Lube demand in Europe is likely to strengthen relative to consumption in Asia and Latin America during the third quarter of the year even as demand faces a seasonal slowdown in all the regions.

Lube demand in Asia is likely to outpace consumption in Europe by more than 1.30mn t in the third quarter of the year, according to the Baseoilnews.com short-term outlook.

The surplus is likely to narrow from more than 1.40mn t in the second quarter and more than 1.80mn t in the first three months of the year.

The surplus of European lube demand over consumption in Latin America is likely to widen to more than 80,000t in the third quarter from around 40,000t in the second quarter of the year.