Germany’s domestic lube demand in July likely stayed lower than consumption in Italy and Spain for a tenth month amid a structural shift in consumption towards the Mediterranean region.
Germany’s lube demand of less than 45,000t in June lagged Italy and Spain’s combined consumption of more than 72,000t by almost 28,000t, government data showed.
The shortfall was the largest ever.
Before 2020, Germany’s monthly lube demand had typically exceeded consumption in those two countries.
The shortfall averaged more than 15,000 t/month in the first half of 2023, from less than 5,000 t/month in 2022.
The shortfall likely remained wide in July, when Italy and Spain’s combined lube demand rose for a second month to close to 70,000t.
The last time Germany’s lube demand rose was in September 2022.