Worries about the Middle East finished lubricants market have dominated recent news headlines, but according to one industry veteran, the outlook for the sector holds promise in the medium term.
Steady economic growth in the six-member Gulf Cooperation Council and changing market dynamics will support lubricant consumption, independent consultant Bhupinder Singh told the AMEA Base Oil, Lubricant and Wax Conference in Mumbai last month. The GCC bloc – which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – will see a 2.7 percent rise in gross domestic product next year, underpinned by higher fixed investment. The GDP of Saudi Arabia, the Gulfs largest lubricant market, is forecast to grow 2.1 percent in 2019, Singh claims.
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