Global lube demand stays weak in March

Lube demand in the Americas, Europe and Asia rose to an eleven-month high in March on the back of a seasonal pick-up in consumption.

But demand lagged year-earlier levels for the thirteenth time in fourteen months, complicating refiners’ ability to clear surplus base oils volumes from markets like the US.

Lube demand of close to 2.20mn t in March rose from 2.0mn t the previous month, government and industry data showed.

The volume was down 20pc from more than 2.7mn t in March 2022.

Total demand of around 6.30mn t in the first quarter of the year was down 13pc from close to 7.30mn t during the same period last year.

The synchronized fall in demand in all the key markets compounded the size of the contraction.