The ‘biggest change in oil market history’ is less than six months away
Tens of thousands of ships sailing the world’s oceans burn more than 3 million barrels of
sludge-like high-sulfur fuel every single day. But, starting next year,
the shipping industry will have to comply with rules that should
dramatically reduce sulfur emissions.
sludge-like high-sulfur fuel every single day. But, starting next year,
the shipping industry will have to comply with rules that should
dramatically reduce sulfur emissions.
“It is the biggest change
in oil market history,” Steve Sawyer, senior analyst at energy
consultant Facts Global Energy, told CNBC.
“It is going to affect crude oil producers, traders, ship owners,
refiners, equity investors, insurance companies, logistical businesses,
banks… Who’s left? I’m struggling to think of anyone it might not
affect. That’s why it is a huge transition,” Sawyer said.