(MENAFN- Arab Times) Global demand for lubricating oils is forecast to reach, in 2017, some 43.9 million metric tons, with a 2.3 percent annual rise, according to the Organization of Petroleum Exporting Countries (OAPEC). East Asia will be on top of nations of forecast higher demand for greasing products, to be followed by Latin America, the Middle East and Africa.
However, demand for the lubricants is expected to remain unchanged in Europe and North America, OAPEC said in its monthly newsletter. There has been noticeable demand increase by OAPEC's member states, buoyed by industrial and economic growth in these countries. The boom in these sectors has prompted these countries to expand the oils' sector to meet higher domestic demand. The OAPEC countries, which produce crude oil, are qualified and have basic potentials for developing the greases' sector and thus boost their industrial competitiveness. Major industrial nations have succeeded in developing the industry of recycling lubricating products, employing state-of-art technology for maximum economic benefits and protecting the environment.
As for the OAPEC states, they have revised legislations and laws regulating the lubricants' sector, offered financial support, lifted taxes and launched promotional campaigns for re-cycling. Seeking to encourage lubricants' recycling, OAPEC has themed its 2016 scientific ward "recycling the used lubricating oils, economic and environmental forecast." OAPEC was founded in Beirut in January 1968 by Kuwait, Libya and Saudi Arabia with the aim of protecting their interests and coordinating their oil trade. Later, other Arab states joined; namely Algeria, Bahrain, Egypt, Iraq, Qatar, Syria and United Arab Emirates. The General Secretariat is based in Kuwait.
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