Portugal’s July lube demand falls

Portugal’s lube demand resumed its slide in July, adding to a picture of mixed consumption throughout the Mediterranean region.

Lube demand of less than 6,000t in July fell from more than 7,500t in June and by 15pc from year-earlier levels, government and industry data showed.

Demand fell for the fourth time in five months, cutting total consumption to less than 46,000t in the first seven months of the year.

The volume was down 5pc from more than 48,000t during the same period last year.

The pace of the drop in demand was smaller than the slump in consumption in larger markets like Germany.

The longer-term trend of slowing demand incentivized blenders to maintain lower inventories of lubricants and base oils feedstock.