A polar lubricating fluid comprising aliphatic molecules having hydroxy or ester functional groups. The alcohol lubricant molecules have at least 20 carbon atoms and the ester molecule comprises between 26 and 100 carbon atoms. The oxygenate content of both molecules is at least 0.2 mmoles per gram of lubricant. The alcohol lubricating fluid is produced by a process comprising hydroformylating olefins having at least 20 carbon atoms in the presence of a hydroformylating catalyst and synthesis gas comprising H.sub.2 and CO. The ester lubricating fluid is produced by a subsequent acylation. The reaction is carried out between 150.degree. C. and 300.degree. C.