Related Articles
Forward article link
Share PDF with colleagues

European storage adjusts to IMO 2020

There are signs that European operators and refiners are getting comfortable with inventory levels ahead of the IMO 2020 switch

Europe's steady oil consumption has provided a firm underpinning to oil storage activity this year, as the market adjusted to expectations of a significant change in product consumption patterns with the implementation of the International Maritime Organisation's (IMO) 2020 reduction in marine fuel sulphur specifications, and the arrival of increased volumes of US crude. These two factors appeared to compensate for market backwardation—the spot price exceeding forward prices—which discourages speculative oil storage. Royal Vopak, the world's largest independent liquids storage company, reported in its analyst presentation for the first half of 2019 that in the second quarter occupancy at it

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
Iraq renews gas drive
8 May 2021
Baghdad turns again to China to develop its second largest gasfield
Restrained US shale set for cashflow pay-off
7 May 2021
Rebounding oil prices have boosted company balance sheets, but debt remains the priority over growth
Malaysia sweetens upstream deals
7 May 2021
The country is taking measures to encourage IOC interest in its latest licensing round
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video