World News
Exxon: High Sulfur Demand to Fall by a Quarter
Oil major Exxonmobil forsees a 25% drop in demand for high sulfur fuel oil to 2025, a senior executive from the oil company has said.
Exxon President Bryan Milton made the assessment at an energy conference in US Gulf city of New Orleans, according to Reuters.
In addition, Exxonmobil said that US sanctions on crude oil imports from Venezuela restrict the ability of the company to refine crude oil to make fuel oil and other distillates. While crude oil makes up two thirds of US oil imports, around 10% of those imports derive from the Latin America oil producing nation.
From next year, the global fleet is restricted to using 0.5% sulfur fuel oil unless exhaust abatement equipment is installed.
US support for a candidate attempting to oust the current president of Venezuela lead to the imposition of sanctions against the politically unstable country.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 645.00 | 2.00 | 767.50 | 11.50 |
| Rotterdam | 600.00 | 8.00 | 751.50 | 13.00 |
| Houston | 627.50 | 9.00 | 796.00 | 11.50 |
| Fujairah | 649.50 | 0.00 | 889.00 | 0.50 |
| Global 20 Ports Average | 665.00 | 0.50 | 864.00 | 6.50 |
| Global 4 Ports Average | 630.50 | 5.00 | 801.00 | 9.00 |
| Global Average Bunker Price | 722.50 | 2.50 | 922.50 | 3.00 |
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