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VLO - IMO 2020 Impacts On The Oil Market May Provide An Unexpected Twist
Valero Energy Corporation
Source: International Maritime Organization.
From 1 January 2020, the International Maritime Organization (IMO) will limit the sulfur in fuel oil used on board ships operating outside designated emission control areas to 0.50% m/m (mass by mass), from 3.50% m/m. Of total global air emissions, shipping accounts for 9 percent of the sulfur oxides.
Conventional wisdom is that the implementation of IMO 2020 is going to either cause a shortage of middle distillate petroleum products, or at least drive their prices dramatically up relative to crude, gasoline and high sulfur fuel oil ((HSFO)). Many