IMO 2020: Ready or not?

IMO 2020: Ready or not?
29/03/2019

Analysis by Jonathan Leitch and Gordon McManus, research directors for the EMEARC refining and oil products team.

New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Maritime Organisation (IMO)’s rules, in force from 1 January 2020, will see the current maximum fuel oil sulphur limit of 3.5 weight per cent (wt%) reduced to 0.5 wt%. This is the largest reduction in the sulphur content of a transportation fuel undertaken at any one time.

With less than a year to go, there are still many uncertainties as to how the change will play out. Are European refiners ready to accommodate big shifts in fuel demand? What will the new specifications mean for refining margins and fuel product prices in the medium and longer term?

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