Asia’s lube demand rose in December for the seventh time in eight months as firmer consumption in southeast Asia outweighed slower demand in markets like South Korea and Japan.Steady lube consumption at year-end provided Asia’s refiners with valuable outlets in the region at a time of year when they often face a rise in surplus supplies.The steady demand instead raised the prospect of the region’s refiners starting this year with a smaller overhang of surplus volumes.Asia’s lube demand of more than 730,000t in December fell from close to 750,000t the previous month but rose by 4pc from year-earlier levels, government and industry data showed.The volume excluded demand in China.The rise in consumption lifted total demand to 9.34mn t in 2023. The volume rose by 3pc from 9.10mn t the previous year. It remained down from more than 9.70mn t in 2021.Lube demand in southeast Asia rose by 4pc in December and for a fourth time in five months from year-earlier levels on the back of firm consumption in markets like Thailand.The Philippines’ lube consumption extended its fall in December for a tenth month. But the pace of the contraction was the slowest since last May.Lube consumption in northeast Asia fell by 5pc and for a second month in December.Demand in that region had been firmer in the second and third quarters of last year, when consumption in southeast Asia was weaker.The diverging demand dynamics provided another attraction of supplying base oils to a region whose large size encompassed a wide range of growth trends..Thailand’s December lube demand rises.Japan’s Dec base oils/lube demand falls
Asia’s lube demand rose in December for the seventh time in eight months as firmer consumption in southeast Asia outweighed slower demand in markets like South Korea and Japan.Steady lube consumption at year-end provided Asia’s refiners with valuable outlets in the region at a time of year when they often face a rise in surplus supplies.The steady demand instead raised the prospect of the region’s refiners starting this year with a smaller overhang of surplus volumes.Asia’s lube demand of more than 730,000t in December fell from close to 750,000t the previous month but rose by 4pc from year-earlier levels, government and industry data showed.The volume excluded demand in China.The rise in consumption lifted total demand to 9.34mn t in 2023. The volume rose by 3pc from 9.10mn t the previous year. It remained down from more than 9.70mn t in 2021.Lube demand in southeast Asia rose by 4pc in December and for a fourth time in five months from year-earlier levels on the back of firm consumption in markets like Thailand.The Philippines’ lube consumption extended its fall in December for a tenth month. But the pace of the contraction was the slowest since last May.Lube consumption in northeast Asia fell by 5pc and for a second month in December.Demand in that region had been firmer in the second and third quarters of last year, when consumption in southeast Asia was weaker.The diverging demand dynamics provided another attraction of supplying base oils to a region whose large size encompassed a wide range of growth trends..Thailand’s December lube demand rises.Japan’s Dec base oils/lube demand falls
