The Lloyd’s List Podcast: Why the IEA is less concerned about 2020
Joining the Lloyd’s List Podcast this week is the International Energy Agency’s head of oil markets, Neil Atkinson. While 2020 still looks challenging, he thinks the situation is far more manageable for shipping and refineries than previous forecasts suggested. Looking ahead to the IP Week debates starting Monday, Neil talks to Lloyd’s List editor Richard Meade about the Opec outlooks, the oil price and why US exports could be the defining factor in future oil trade patterns
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THE International Energy Agency is about to publish its latest research into the implications of IMO 2020 sulphur regulations and it seems they are more sanguine than many. “Challenging but manageable” is how the IEA’s head of oil markets Neil Atkinson describes the view from the Paris-based agency on this week’s Lloyd’s List Podcast.
Speaking to Lloyd’s List Editor Richard Meade in advance of the IP Week events starting on Monday, February 25, Mr Atkinson suggests that vessels carrying scrubbers will be using something in the range of 600,000-700,000 barrels of heavy fuel oil a day come 2020 and there will be sufficient availability of gasoil to cover any drop-off in fuel oil use. There could be a slight deficit, but it’s not likely to be as dramatic as previous estimates suggested, says Mr Atkinson, and generally speaking 2020 is nowhere near as worrisome for shipping or the refinery sector as many were assuming only last year.
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