Lube demand in the Asia-Pacific region is set to rebound in the first three months of 2024 following a seasonal slowdown in consumption during the final three months of this year.A seasonal pick-up in demand early next year is likely to get additional support from an ongoing year-on-year rise in consumption.Demand is likely to rise gradually in January and February before a seasonal surge in consumption in March.The firmer demand is likely to lift consumption to close to 2.50mn t in the first quarter of the year, up from less than 2.30mn t during the final three months of this year, according to the Baseoilnews short-term outlook.The volume excludes China.Lube demand typically peaks in the first three months of each year, before a seasonal slowdown in the second quarter.Asia’s lube demand faces a similar trend this year.Consumption is likely to fall sharply in April from the month of March before recovering and steadying through the rest of the quarter.The likely rise in regional demand in the first quarter of the year is set to coincide with several base oils plant shutdowns throughout the region..Asia’s Oct lube demand edges down.Base Oil News stories and analysis also available on ICIS platform
