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IMO 2020: Implications for crude oil markets

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18 October 2018

IMO 2020: Implications for crude oil markets

Report summary

The forthcoming change in IMO regulations on the quality of marine bunker fuel impacts the mix of fuel types consumed by the shipping sector in 2020. Even without full compliance, we estimate that over 2 million b/d of high sulphur fuel oil demand will be lost as the sulphur cap for marine fuels drops. The shift has implications not only for shippers and refiners, but also crude producers. Heavier sour crudes will fall in value relative to lighter sweeter crudes, while very sweet crudes will rise in value relative to Brent.

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  • Impact on crude prices

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    IMO 2020 and implications for crude oil markets_Oct2018.pdf

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