IMO 2020 rules may impact GCC oil exports.
Dubai - Oil markets will go through a major transformation as new regulations covering the sulphur content of marine fuels take effect from January 1, 2020 and may have an impact on the regional countries due to high level of sulphur content in their crude.
The International Maritime Organisation (IMO) has ruled that from January 1, 2020, marine sector emissions in international waters will be slashed. The marine sector will have to reduce sulphur emissions by over 80 percent by switching to lower sulphur fuels. The rules define that the global 0.5 percent sulphur cap will enter into force in 2020, and more than 70,000 ships will be affected by the regulation.
The IMO 2020 rules have been estimated to affect as much as 3.5 million barrels per day of demand for high sulphur fuel oil, the shipping industry's...
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