Argentina’s lube demand fell in December for the fifth time in six months amid a sharp slowdown in the country’s economic activity.The drop in consumption added to signs of a more widespread slowdown in finished lube demand in Latin America’s largest markets.The slower consumption raised the prospect of curbing demand for overseas supplies of base oils.Such a slowdown would have the largest impact on the US, the region’s largest base oils supplier.Argentina’s lube consumption of less than 18,000mᶟ (15,600t) in December fell by 12pc from year-earlier levels, government data showed. The volume was the lowest since the beginning of 2021.The contraction outpaced the 3pc fall in the country’s lube demand to 253,000mᶟ in 2023 from the previous year.The fall in lube demand added to a slew of signals of a sharp economic slowdown in Argentina.The country's economic activity shrank in November at its fastest pace in seven months, government data showed.Automobile sales fell by 25pc and for a second month in December.They had previously risen for twenty months to October 2023 even as the country already faced surging inflation and interest rates.Argentina’s automobile lube consumption fell 18pc in December, outpacing the 2pc fall in demand in all of 2023.Industrial oils consumption fell by 1pc in December and by 3pc in 2023..Brazil’s December lube demand falls
Argentina’s lube demand fell in December for the fifth time in six months amid a sharp slowdown in the country’s economic activity.The drop in consumption added to signs of a more widespread slowdown in finished lube demand in Latin America’s largest markets.The slower consumption raised the prospect of curbing demand for overseas supplies of base oils.Such a slowdown would have the largest impact on the US, the region’s largest base oils supplier.Argentina’s lube consumption of less than 18,000mᶟ (15,600t) in December fell by 12pc from year-earlier levels, government data showed. The volume was the lowest since the beginning of 2021.The contraction outpaced the 3pc fall in the country’s lube demand to 253,000mᶟ in 2023 from the previous year.The fall in lube demand added to a slew of signals of a sharp economic slowdown in Argentina.The country's economic activity shrank in November at its fastest pace in seven months, government data showed.Automobile sales fell by 25pc and for a second month in December.They had previously risen for twenty months to October 2023 even as the country already faced surging inflation and interest rates.Argentina’s automobile lube consumption fell 18pc in December, outpacing the 2pc fall in demand in all of 2023.Industrial oils consumption fell by 1pc in December and by 3pc in 2023..Brazil’s December lube demand falls
