Portugal’s June lube demand rebounds

Portugal’s lube demand rebounded to a fifteen-month high in June, adding to signs of firmer consumption in the Mediterranean region.

Lube demand of close to 8,000t in June rose from less than 6,500t the previous month, government and industry data showed.

The volume rose by 29pc from year-earlier levels, after falling in each of the previous four months.

The rebound in consumption left total lube demand of around 19,560t in the second quarter down 6pc from 20,910t during the same period last year.

The rise in consumption in June mirrored a similar pick-up in lube demand in Italy and contrasted with an ongoing slide in demand in markets like France and Germany.