Brazil’s lube demand rose for a seventh month in November even as industrial oils consumption fell.
Total lube consumption of 93,130mᶟ (82,000t) in November rose by 2pc from year-earlier levels, according to IBP.
The rise in demand lifted total consumption to 1.06mn mᶟ in the first eleven months of the year, up 9pc from 971,000mᶟ during the same period a year earlier.
Brazil's surging lube demand coincided with falling domestic base oils output in second-half 2023.
The diverging dynamics triggered a wave of base oils imports from the US especially to cover the shortfall.
The trend could wane over the coming months as domestic base oils output revives following the expected completion of plant maintenance work during the fourth quarter of the year.
The pace of the rise in Brazil’s lube demand also showed signs of slowing.
Lube demand rose in November at its slowest pace in seven months, after rising by more than 16pc in each of the previous three months.
Demand growth slowed because of a 1pc fall in consumption of industrial oils and a 3pc drop in consumption of heavy-duty engine oils (HDEO), which is seen as a bellwether for the state of industrial activity.
The slowdown coincided with a drop in Brazil’s economic activity index in October for a third month and a fall in automobile production in November for a second month.
