Brazil’s lube demand held firm in August, keeping pressure on domestic refiners and importers to maintain sufficient base oils supply to cover requirements.Lube consumption from the country’s nine largest lube suppliers came to more than 105,000 cubic meters (94,000 tonnes) in August, provisional data from IBP showed.The volume was similar to the previous month and to year-earlier levels.The lube suppliers accounted for more than 83% of Brazil’s total lube consumption in 2023.ICONIC Lubricants remained the country’s largest lube supplier in August for a seventh month, with Moove the second largest and Vibra Energia the third largest.Brazil’s base oils supply surplus over demand narrowed sharply from the start of the second quarter of the year even as the country’s total supply rose.Demand rose even faster.That dynamic showed signs of extending through the third quarter of the year as firmer-than-expected economic activity supports strong lube consumption.Brazil’s finance ministry earlier this month raised the country’s economic growth forecast for the year to 3.2%, from 2.5% previously.The country’s automobile sales rose in August for the eleventh time in twelve months, reflecting the healthy economic activity.Brazil’s engine oils demand climbed in August for a fifth month from year-earlier levels, mirroring that trend.Demand rose amid a sustained increase in passenger-car-motor oil consumption.Brazil’s firm lube demand kept pressure on the country's base oils supply to keep pace at least during the third quarter of the year.The country’s lube consumption typically slows in the final three months of the year from the third quarter.Any such slowdown would help to ease pressure on the country’s base oils supply.Any such slowdown would also coincide with the prospect of a rise in availability of surplus base oils supplies from key overseas sources, especially the US..US July base oils exports fall.Latam lube demand set for seasonal slowdown
Brazil’s lube demand held firm in August, keeping pressure on domestic refiners and importers to maintain sufficient base oils supply to cover requirements.Lube consumption from the country’s nine largest lube suppliers came to more than 105,000 cubic meters (94,000 tonnes) in August, provisional data from IBP showed.The volume was similar to the previous month and to year-earlier levels.The lube suppliers accounted for more than 83% of Brazil’s total lube consumption in 2023.ICONIC Lubricants remained the country’s largest lube supplier in August for a seventh month, with Moove the second largest and Vibra Energia the third largest.Brazil’s base oils supply surplus over demand narrowed sharply from the start of the second quarter of the year even as the country’s total supply rose.Demand rose even faster.That dynamic showed signs of extending through the third quarter of the year as firmer-than-expected economic activity supports strong lube consumption.Brazil’s finance ministry earlier this month raised the country’s economic growth forecast for the year to 3.2%, from 2.5% previously.The country’s automobile sales rose in August for the eleventh time in twelve months, reflecting the healthy economic activity.Brazil’s engine oils demand climbed in August for a fifth month from year-earlier levels, mirroring that trend.Demand rose amid a sustained increase in passenger-car-motor oil consumption.Brazil’s firm lube demand kept pressure on the country's base oils supply to keep pace at least during the third quarter of the year.The country’s lube consumption typically slows in the final three months of the year from the third quarter.Any such slowdown would help to ease pressure on the country’s base oils supply.Any such slowdown would also coincide with the prospect of a rise in availability of surplus base oils supplies from key overseas sources, especially the US..US July base oils exports fall.Latam lube demand set for seasonal slowdown
