Argentina’s national oil company YPF was the country’s largest lube supplier in 2023 as it increased its market share and sales even as the country’s total consumption fell.

YPF accounted for close to 42pc of Argentina’s total lube sales in 2023, government data showed.

The share rose from close to 40pc in 2022 to a three-year high as the company boosted its share of both automotive and industrial oils consumption.

Argentina’s total lube consumption fell by 3pc to 253,000mᶟ (224,000t) in 2023 in the face of slowing economic growth and high interest rates.

YPF’s total lube sales rose by 1pc in 2023 even as the country’s total lube consumption fell.

Shell was Argentina’s second-largest lube supplier in 2023 with a market share of around 25.5pc of the total.

The share fell from more than 26pc the previous year amid a drop in sales of automotive and especially industrial oils.

Total Especialidades Argentina, which operates a 50,000 t/yr blending and grease plant close to Buenos Aires, was the country’s third-largest lube supplier in 2023.

Its share of close to 13.5pc of the total rose from close to 12.5pc the previous year on the back of a rise in sales of automobile lubricants.

Pan American Energy was Argentina’s fourth-largest lube supplier in 2023 and Petronas Lubricants Argentina the fifth-largest.