Volume 3 Issue 37
Global demand for general industrial lubricants will decline 13 percent for this year, due to the COVID-19 pandemic, consultancy Kline & Co. projected. Although down to an estimated 5.6 million metric tons in 2020, demand is expected to grow in 2021 and continue doing so out to 2024.
BP Polska, the British oil major’s subsidiary in Poland, said recently that its lubricant sales in the country have begun rebounding after a drop-off earlier this year and that it hopes to see them return to pre-pandemic levels by the end of this year.
The European Union’s energy demand is forecast to decline by as much as 30% by 2050, depending on how quickly policy measures and societal behavior change to reduce carbon emissions, according to a study by BP.