Asia’s lubricating oil demand fell in July for the first time in three months amid slower consumption in southeast Asia.
Total lube consumption of around 730,000t in July fell from close to 745,000t the previous month and by 2pc from year-earlier levels, government and industry data showed.
Consumption of 5.38mn t in the first seven months of the year fell by 3pc from 5.51mn t during the same period last year.
The volume included demand in the largest markets in northeast and southeast Asia, excluding China.
Demand in southeast Asia fell in July for the fourth time in five months amid weaker consumption in Thailand and Philippines especially.
Demand in northeast Asia rose for a fifth month. But the pace of the increase was the slowest since February.
Demand likely fell even more steeply in August, when a seasonal slowdown in lube consumption usually bottoms out.
