Asia’s August lube demand rises

Asia’s lubricating oil demand unexpectedly rebounded in August to a five-month high amid reviving consumption throughout the region.

Total lube consumption of more than 770,000t in August rose from less than 735,000t the previous month, government and industry data showed.

Demand rose by 20pc and for the third time in four months from year-earlier levels. It had previously fallen in three of the first four months of the year.

The pick-up in demand lifted total consumption to more than 6.1mn t in the first eight months of the year.

The volume was slightly higher than year-earlier levels.

The region’s cumulative demand had previously lagged year-earlier levels every month since February.

Lube demand in northeast Asia rose by more than 10pc in August and for a sixth straight month. The volume excluded China.

Lube demand in southeast Asia rose by 7pc in August and for the first time in three months.

The volume excluded India, where consumption rose even more strongly.