Portugal’s lube demand fell for a fifth month in six in May as a regionwide slowdown in consumption extended through the second quarter of the year.Lube demand of more than 6,300t in May rose from less than 5,300t the previous month, government and industry data showed.Demand fell by 10pc from year-earlier levels, improving from a 32pc contraction in April.A prolonged slowdown in lube demand throughout Europe delayed blenders’ need to replenish stocks.Weak demand, high interest rates and healthy availability of base oils supply also incentivized blenders to hold smaller inventories..Italy’s May lube demand falls
