Shell lubricants volumes fall 25% to lowest quarter in databook

· Lubricants & Chemicals · United Kingdom

Shell sold 66,000 barrels per day of lubricants in the third quarter of 2026, down 25% from 88,000 barrels per day a year earlier, according to the company's quarterly databook published October 29. That is the lowest lubricant volume of any quarter in the databook, which begins in 2021, and also 12% below the second quarter. The decline came even as Shell's group earnings rose, underscoring how lubricants—a historically high-margin downstream business—are lagging the wider company performance. The figures give the clearest recent signal of softening lubricant demand at one of the world's largest suppliers.

Why it matters：Lubricant demand is a proxy for industrial and transport activity, and a 25% drop at a major supplier signals weakening base-oil demand that will affect refiners, blenders and additive makers.

Key points

  • Q3 2026 volume of 66,000 b/d versus 88,000 b/d a year earlier
  • Lowest quarter since Shell's databook began in 2021
  • Down 12% from the second quarter of 2026

Sources (original reporting)

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