German base oil demand fell in 2024 to the lowest on Argus' records, caused by rising electric and hybrid vehicle sales.
This marks a back-to-back record decline following the previous all-time low set in 2023, data from the Federal Ministry for Economic Affairs and Energy show.
- Base oil sales in 2024 were 32pc below the 10-year average of 920,000 t/yr (see table).
- Sales probably fell on a rise in German plug-in-hybrid and hybrid electric vehicle sales, which increased by 9pc and 14pc to 192,000 and 755,000 respectively, according to the European Automobile Manufacturers' Association.
- Uncompetitive base oil prices discouraged exports, which also fell to the lowest levels since Argus' records began.
- Average Argus-assessed Group I export spot prices on an fob basis for the SN 500 and bright stock grade rose by 6pc on the year in 2024 to $1,047/t and $1,279/t, respectively.
| German base oils | t | ||
| 2024 | 2023 | ±% | |
| Sales | 626,500 | 738,100 | -20 |
| Exports | 172,115 | 213,378 | -19 |
| Production | 236,730 | 233,300 | 1.5 |
| Federal Ministry for Economic Affairs and Energy | |||
