India’s lube demand rose in December for the seventh time in eight months, mirroring the country’s strong economic growth.India’s rising lube consumption contrasted with other key markets like China, adding to the importance of India as a key outlet for base oils shipments from Asia, Mideast Gulf and the US.That trend could change over the coming year as the planned start-up of new base oils production capacity in India covers more of the country’s domestic requirements.Lube consumption of 329,000t in December rose from 317,000t the previous month and by 11pc from year-earlier levels, government data showed.The sustained rise in demand boosted India’s total lube consumption to 4.10mn t in 2023, up 5pc from 3.92mn t in 2022.India’s lube demand got support from strong growth in key economic drivers like automobile sales and industrial activity.Lube demand was likely to rise further amid expectations that the country’s economy would continue to grow strongly over the coming year.India’s automobile sales rose by 21pc in December and by 11pc in 2023 from year-earlier levels.Signs of strong consumer sentiment in December raised expectations of further growth in automobile sales in 2024.India’s core sector output extended its strong growth in November, even if the pace of growth slowed from the previous month..India’s Nov base oils supply exceeds demand .India’s Nov base oils imports rise
