Global lube demand set for smaller Q3 slowdown

Lubricating oil demand in Latin America, Europe and Asia is set to fall less than expected in the third quarter of the year amid firmer consumption in Asia and Latin America especially.

Lube demand is likely to come to more than 3.10mn t in the third quarter of the year, according to the Baseoilnews.com short-term outlook.

The volume would be down from around 3.30mn t in the second quarter.

The demand volumes for the second and third quarters of the year were higher than expected amid signs of a revival in lube consumption in Latin America’s largest markets in the second quarter of the year.

The size of the slowdown in third-quarter demand from the previous three months would also be smaller than previously expected.

Lube demand is likely to edge up in the fourth quarter of the year to levels that would be similar to or slightly higher than year-earlier levels.