Argentina’s lube demand fell in October to a fourteen-month low, adding to signs of slowing economic activity in the face of surging inflation and high interest rates.Lube demand had risen strongly in the first nine months of the year even as the country’s economic growth slowed. The firm consumption attracted to the country a swathe of arbitrage base oils shipments from Asia-Pacific especially.Waning lube demand in the fourth quarter of the year raised the prospect of curbing such activity in the coming months.Lube demand was likely to face further pressure this year amid expectations of a sharp slowdown in economic growth compared with 2022.Lube consumption of 18,730mᶟ (16,590t) in October fell by 10pc from year-earlier levels and from 22,650mᶟ the previous month, government data showed. The volume was the lowest since August 2021..Sales fell from year-earlier levels for the first time in twelve months.Steady demand until September contrasted with a sustained slowdown in lube consumption in Brazil throughout most of last year..Brazil's November lube demand falls.But the firm demand in Argentina during that period coincided with a gradual slowdown in economic growth.Argentina’s economic activity rose in October for a twentieth month. But the increase was the slowest since early 2021.The country’s industrial production extended its rise in October for a ninth month. But the pace of the increase was the slowest since January.Automobiles production rose in November for a tenth month. But the increase was the slowest since March.The drop in Argentina’s lube demand in October pointed to further economic weakness over the coming months.Demand fell for both automobile and industrial oils. The contraction was the first in a year for auto lubricants and the first in six months for industrial oils..Argentina Oct base oils supply rises
Argentina’s lube demand fell in October to a fourteen-month low, adding to signs of slowing economic activity in the face of surging inflation and high interest rates.Lube demand had risen strongly in the first nine months of the year even as the country’s economic growth slowed. The firm consumption attracted to the country a swathe of arbitrage base oils shipments from Asia-Pacific especially.Waning lube demand in the fourth quarter of the year raised the prospect of curbing such activity in the coming months.Lube demand was likely to face further pressure this year amid expectations of a sharp slowdown in economic growth compared with 2022.Lube consumption of 18,730mᶟ (16,590t) in October fell by 10pc from year-earlier levels and from 22,650mᶟ the previous month, government data showed. The volume was the lowest since August 2021..Sales fell from year-earlier levels for the first time in twelve months.Steady demand until September contrasted with a sustained slowdown in lube consumption in Brazil throughout most of last year..Brazil's November lube demand falls.But the firm demand in Argentina during that period coincided with a gradual slowdown in economic growth.Argentina’s economic activity rose in October for a twentieth month. But the increase was the slowest since early 2021.The country’s industrial production extended its rise in October for a ninth month. But the pace of the increase was the slowest since January.Automobiles production rose in November for a tenth month. But the increase was the slowest since March.The drop in Argentina’s lube demand in October pointed to further economic weakness over the coming months.Demand fell for both automobile and industrial oils. The contraction was the first in a year for auto lubricants and the first in six months for industrial oils..Argentina Oct base oils supply rises