'Biggest' change in oil market history: Crude prices set to soar ahead of shipping revolution
https://www.cnbc.com/2018/05/24/oil-prices-set-to-soar-ahead-of-shipping-revolution.html* New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers.
* On January 1, 2020, the International Maritime Organization (IMO) will enforce new emissions standards designed to significantly curb pollution produced by the world's ships.
* Global benchmark Brent crude will climb to $90 a barrel by 2020 as new international shipping laws overhaul the types of fuels produced by refiners, Morgan Stanley analysts predicted in a research note.
Instead of OPEC, Iran or even Venezuela, the most prominent driver of oil prices over the next two years is likely to come in the shape of a shipping revolution, analysts have warned.
New rules coming into force in approximately 18 months' time are seen as a source of great concern for some of the world's biggest oil producers. That's because global energy and shipping industries are thought to be ill-prepared for the looming sea change.
On January 1, 2020, the International Maritime Organization (IMO) will enforce new emissions standards designed to significantly curb pollution produced by the world's ships.
"It's the biggest (change) in the history of the market," Amrita Sen, chief oil analyst at Energy Aspects, told CNBC's "Squawk Box Europe" this week....
