Globally, demand for base oils and finished lubricants is largely down from previous years, even from late-year performance during the COVID-19 era. Perhaps as a result of that event, and also because a major conflict is raging within Europe, commercial activities have been the victim of inflation occurring in almost all major economies across the world.
Conditions do vary from region to region. Europe is going through one of the worst recessions in recent times, while the Middle East and Africa show some signs of hope for trade and finance continuing to blossom. However, the pockets of good news are insufficient to quell the concerns that major economies, such as the United States and Europe, could be headed for tough times that could overrun other markets.