Japan's lubricating oil consumption rose sharply in September

According to the data recently released by the Ministry of Economy, Trade and Industry of Japan, the consumption of finished lubricating oil in Japan surged by 34% in September, the output of lubricating oil jumped by 32%, and the export of lubricating oil increased by 20%. At the same time, Japan's import of lubricating oil fell to the lowest level since the middle of 2020.

According to the Ministry of Economy and Industry of Japan, Japan consumed 187000 kiloliters of lubricating oil in September, compared with 140000 kiloliters in the same period last year. This is the highest monthly consumption since 194000 kiloliters were recorded in April. In September, the output of lubricating oil in Japan increased to 228,000 kiloliters, and the export volume increased to 69,000 kiloliters; The import volume dropped 76% year on year to 7000 kiloliters, the lowest level since June 2020.

In its Economic Activity and Price Outlook released in October, the Bank of Japan said that despite the impact of high commodity prices and other factors, the Japanese economy has improved with the recovery of economic activities. The Ministry of Economy, Industry and Technology of Japan believed that the economic recovery was the reason for the surge in lubricating oil consumption in September.