Spain’s lube demand rose for a seventh month in December, extending a sustained revival in consumption in the Mediterranean market.The recovery in the region’s demand since the middle of last year contrasted with an ongoing fall in lube consumption in key markets in northern Europe like France and Germany.The lack of recovery in those markets compounded the seasonal slowdown in lube consumption throughout Europe at the end of last year.The weaker demand typically triggers a build-up of surplus base oils supplies at year-end.The size of the surplus showed signs of being smaller than usual at the end of last year amid a drop in Europe’s base oils supply in October and especially November.Firmer consumption in the Mediterranean region also curbed the size of the drop in demand.Spain’s lube demand of 28,800t in December rose by 7pc from year-earlier levels, according to CORES, which tracks the country’s energy stocks.The rise in demand lifted the country’s total consumption to 423,350t in 2023.The volume rose from 411,100t in 2022 to a four-year high.Portugal’s lube consumption also extended its recovery, rising by 7pc in December to more than 5,500t.Consumption of close to 81,000t in 2023 was the highest in more than five years.Lube demand in both countries fell by more than 25pc in December from the previous month amid a seasonal dip in consumption at year-end.The sharpness of the slowdown throughout Europe usually outpaces a drop in the region’s base oils supply, triggering a large build-up of surplus supplies..Italy’s December lube demand rises
Spain’s lube demand rose for a seventh month in December, extending a sustained revival in consumption in the Mediterranean market.The recovery in the region’s demand since the middle of last year contrasted with an ongoing fall in lube consumption in key markets in northern Europe like France and Germany.The lack of recovery in those markets compounded the seasonal slowdown in lube consumption throughout Europe at the end of last year.The weaker demand typically triggers a build-up of surplus base oils supplies at year-end.The size of the surplus showed signs of being smaller than usual at the end of last year amid a drop in Europe’s base oils supply in October and especially November.Firmer consumption in the Mediterranean region also curbed the size of the drop in demand.Spain’s lube demand of 28,800t in December rose by 7pc from year-earlier levels, according to CORES, which tracks the country’s energy stocks.The rise in demand lifted the country’s total consumption to 423,350t in 2023.The volume rose from 411,100t in 2022 to a four-year high.Portugal’s lube consumption also extended its recovery, rising by 7pc in December to more than 5,500t.Consumption of close to 81,000t in 2023 was the highest in more than five years.Lube demand in both countries fell by more than 25pc in December from the previous month amid a seasonal dip in consumption at year-end.The sharpness of the slowdown throughout Europe usually outpaces a drop in the region’s base oils supply, triggering a large build-up of surplus supplies..Italy’s December lube demand rises
