IMO 2020: Exxon Mobil Projects 25% Decline in High-Sulfur Fuels
Exxon Mobil Corp expects high-sulfur fuel oil demand to fall 25 percent by 2025, as a new set of emission regulations from the International Maritime Organization capping sulfur content in shipping fuel at 0.5% kicks in in 2020, a top-level official at the U.S. oil and gas company said on Monday.The International Energy Agency has forecast high-sulfur fuel oil demand to fall 60 percent next year, while marine gas oil demand to more than double.Exxon's forecast comes as its refining business is struggling to find enough heavy crude to make fuel oil and other distillates, in the face of U.S.
Exxon: HSFO Demand to Decline 25%
Exxon Mobil Corp expects high-sulphur fuel oil demand to fall 25 percent by 2025, as a new set of emission regulations kick in next year, a top-level official at the U.S. oil and gas company said on Monday.A new 0.5 percent sulphur content cap in shipping fuel set by the International Maritime Organisation (IMO) will come into effect in 2020.The International Energy Agency has forecast high-sulphur fuel oil demand to fall 60 percent next year, while marine gasoil demand to more…
IMO 2020: Oil Refining Capacity to Grow at Record Pace
Global oil refining capacity is set to increase at its fastest pace on record this year, possibly boosting stocks of products such as diesel, gasoline and marine fuel, the International Energy Agency said.Oil refining capacity will rise by 2.6 million barrels per day (bpd) and demand for refined products by around 1.1 million bpd, the IEA said in a monthly report.It was not clear yet what that meant for margins, which slumped as the price of crude rose last year, said the Paris-based IEA…
New Rules on Ship Emissions Herald Sea Change for Oil Market
New rules coming into force from 2020 to curb pollution produced by the world's ships are worrying everyone from OPEC oil producers to bunker fuel sellers and shipping companies.The regulations will slash emissions of sulfur, which is blamed for causing respiratory diseases and is a component of acid rain that damages vegetation and wildlife.But the energy and shipping industries are ill-prepared, say analysts, with refiners likely to struggle to meet higher demand for cleaner…
Scrubbers 'No Silver Bullet' for Shipping -Wartsila
Global shipping fleet must cut sulfur emissions by 2020. Wartsila received record orders for sulfur scrubbers last year. Shipping industry hopes that so-called sulfur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulfur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers.
2020 Low-sulfur Rule to Trigger Huge Disruptions -IEA
The shipping industry and oil refineries are not doing enough to prepare for new rules cutting the amount of sulfur that vessels can emit from 2020, according to the head of the International Energy Agency's (IEA) oil industry and market division.The new rules drastically cut the amount of sulfur that the world's ships can emit, from 3.5 percent currently to just 0.5 percent. Ships that install "scrubbers" that remove sulfur as the fuel is burned can continue to use higher sulfur fuels…
IMO Orders Fuels of the Future
The new sulfur, carbon dioxide limits ewill demand precise understanding by ship owners and operators. Globally, new regulations are coming into effect governing the Sulfur Oxide (SOx) limits and CO2 emissions. The International Maritime Organization (IMO) has updated the maximum amount of SOx allowed in fuels and the European Commission is introducing new reporting requirements to monitor CO2 emissions. Understanding the impacts of these changes on ship owners and operators is critical given the market conditions for maritime services.
IBIA Surveys Members on Sulphur Cap Transition
Ahead of the International Maritime Organization’s (IMO) decision on the timing of the global 0.5 percent sulphur cap for marine fuels, the International Bunker Industry Association (IBIA) is advising its members on the potential impact of the shift. IBIA, whose members include marine fuel buyers, suppliers and traders, is concerned that global refining and shipping will struggle to cope, and has outlined a series of options that it believes could facilitate a smoother transition to a lower sulphur cap.
New Fuel Rules Steer Europe toward Compliance Chaos
Northern European regulators will face a battle with many shipping companies over new EU rules aimed at cutting pollution from ship fuels as some owners are likely to find it cheaper to pay fines than to comply. Ships are typically powered by heavy fuel oil or bunker oil, both of which produce harmful pollutants such as sulphur dioxide which can cause respiratory and heart problems. Such fuels contain 2.5 to 3 percent sulphur on average, which is up to 3,000 times the sulphur content of road fuel in Europe, according to marine campaigners Seas at Risk. Under EU rules from Jan.
North American Oil Supply Shocks Markets
The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR). The shift will not only cause oil companies to overhaul their global investment strategies, but also reshape the way oil is transported, stored and refined. According to the MTOMR, the effects of continued growth in North American supply – led by U.S.
Wärtsilä Wins Brazil Liftboat Genset & Propulsion Orders
Wärtsilä’s success in Brazilian drill ship programme continues with latest genset and propulsion order for three new liftboats. This latest in a series of contracts won by Wärtsilä is to supply complete mechanical packages, comprising the generating sets and thrusters, for three new drill ships to be built by Brazilian shipyard ECOVIX. The vessels will be employed in Brazil’s pre-salt offshore oil fields. The three new drill ships will each be powered by six Wärtsilä 32 generating sets and will feature six Wärtsilä underwater de-mountable thrusters.
North America Leads Shift in Global Energy Balance
North America is at the forefront of a game-changing transformation in oil and gas production claims International Energy Agency publication. This year’s World Energy Outlook published by IEA finds that the extraordinary growth in oil and natural gas output in the United States will mean a sea-change in global energy flows. In the New Policies Scenario, the WEO’s central scenario, the United States becomes a net exporter of natural gas by 2020 and is almost self-sufficient in energy, in net terms, by 2035.
IEA: Oil Outlook Through 2011
According to the International Energy Agency’s July 2010 Oil Market Report, global oil demand through 2011 is projected to rise 1.6% or 1.3 mb/dyear‐on‐year to 87.8 mb/d, driven entirely by non-OECD country consumption, as OECD countries continue to see a gradual decline. This is a slight reduction from 2010’s 1.8 mb/d growth, fueled in part by an early, buoyant global recovery and stimulus funds. The report, released today, is filled with a number of caveats, particularly the current and future direction of the global economic recovery, which has waned in the early summer months.