Volume 3 Issue 29
Order volumes for every lubricants market sector, from base oils and additives to finished lubes, dropped by 40% in April and May due to the economic impacts of COVID-19, panelists said during a July 8 webinar organized by the Independent Lubricant Manufacturers Association.
Two energy start-up companies – Houston-based Oil Group Investments and Rio de Janeiro’s EnP – have agreed to study the feasibility of developing a base oil plant and small fuels refinery in southeastern Brazil.
Auto sales in the United States showed signs of life later in the second quarter, though numbers remained down on a year-to-year basis due to the COVID-19 pandemic, according to data from a car dealers association and research firm.
WD-40 reported net income of $14.5 million for the quarter ending May 31, down 20% from a year earlier, with net sales for its maintenance products group down 16 percent at $87.9 million. The company cited the COVID-19 pandemic as a major factor in decreased sales.