Europe’s January lube demand falls

Lubricating oil demand in Europe’s four largest economies fell in January for a fourth month in the face of slowing economic growth throughout the region.

Lube consumption fell to 155,000t in Germany, France, Italy and Spain combined, government and industry data showed.

The volume was down 4pc from year-earlier levels and from more than 180,000t in January 2021.

Weak lube demand deterred blenders from replenishing feedstock inventories and prolonged their existing supplies.