IMO 2020: Plain sailing so far, but do rougher seas lie ahead?

The transition of the global shipping fleet to lower sulphur fuels has progressed relatively smoothly so far. Most ships have switched to using very low sulphur fuel oil, for which supply has been sufficient to meet demand, while the refining industry has largely absorbed the surplus high sulphur resid. But to what extent has the impact of the coronavirus pandemic helped the transition? As transport fuel demand and refinery operating rates rise again, and as OPEC+ production cuts are gradually rolled back, how will the market respond?