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Rystad Energy: IMO 2020 among factors influencing 2020 oil prices

Markets able to balance with an extension of OPEC cuts through 2020 due to demand from IMO 2020 regulations.

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Independent energy research and business intelligence company Rystad Energy on Friday (6 September) forecasted three essential factors determining the direction of the oil price next year.

It highlighted a balanced oil market in 2020 will be dependent on three pillars:

  • No global recession
  • Continued OPEC production cuts
  • The effect of new IMO 2020 regulations

“Markets can balance with an extension of OPEC cuts through 2020, as we believe the IMO 2020 regulations will create more demand for crude oil,” said Bjørnar Tonhaugen, head of oil market research at Rystad Energy.

“Moreover, the global economy needs to avoid a sharp slowdown and oil demand recover to more normal growth rates of between 1 million and 1.2 million barrels per day.

“If the stars fail to align, however, OPEC may need to discuss much deeper cuts to support the market.”

According to Rystad Energy, the latest Oil Market Balances Report finds the market being able to come into balance in 2020, even at current oil prices, as latest revisions suggest a call-on-OPEC crude oil reaching 30.1 million barrels per day (bpd) next year, compared to 29.5 million barrels per day in last month’s report.

However, a balanced market next year also implies that the global economy does not enter a technical recession and that demand recovers to around 1.2 million bpd growth.

OPEC will need to maintain current production levels, with extended cuts through at least 2020, while the introduction of stricter shipping fuel regulations – the so-called IMO 2020 effect – will cause a net positive effect on crude demand growth next year of about 1.0 million bpd in order to balance the global gasoil market.

“Without the expected additional crude runs in 2020, on top of the normal growth in refinery runs to keep up with overall products demand without IMO 2020, prices will be even lower next year – unless OPEC cuts its production to around 29 million bpd in 2020,” states Tonhaugen.

As such, Rystad Energy forecasts that crude oil and lease condensate production growth outside of OPEC and Russia will reach 2 million bpd in 2020, down 0.2 million bpd from the previous estimate.

The US oil supply forecast for December 2020 has been revised down by 0.5 million bpd to 14.0 million bpd, which represents a yearly addition of 1.15 million bpd, according to the independent energy research firm.

Photo credit: Rystad Energy
Published: 10 September, 2019

 

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China: Yangpu records 27% on year increase in bunkering volumes from Jan to May

Latest bunker supplier at Yangpu port is Hainan Luhai Energy which received a license from the Danzhou Municipal People’s Government in April 2025.

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The Port of Yangpu located in Hainan Island recorded a 27% on year increase in bonded bunkering volume for the period between January to May 2025 due to local government initiatives, according to Danzhou Municipal People’s Government on 5 July.

During the five-month period, the port supplied 149,400 metric tonnes (mt) of bunker fuel to 288 international vessels, compared to 117,400 mt of marine fuel to 278 ships in the year before.

Explaining the 2025 figures, the government pointed out 145,400 mt of bonded bunker fuel to 275 vessels were delivered by bunkering firms under national licenses, while 4,000 mt of bonded marine fuel were sent by bunkering companies under Hainan licenses.

To date, there are four bunker suppliers operating at Yangpu port. The latest to join is Luhai Energy Technology Development (Hainan) Co., Ltd (陆海能源科技发展(海南)有限公司) which received a license from the Danzhou Municipal People’s Government in April 2025.

“In the future, we will continue to work hard to continuously optimise the bonded oil refuelling service system, increase policy publicity and promotion efforts, attract more bonded oil refuelling companies to settle in Yangpu, and continuously expand the scale of business, and promote the implementation of the bonded oil refuelling policy,” stated Li Leiming, a mid-level employee of the Yangpu Investment Promotion Bureau.

 

Photo credit: Chuanhaozi under Creative Commons Licences
Published: 14 July 2025

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Singapore retains ranking as world’s top maritime centre for 12th consecutive year

Finds report jointly published by the Baltic Exchange and China’s Xinhua News Agency.

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Singapore bunker tankers and sky

Singapore on Friday (11 July) said it has retained its ranking as the world’s top maritime centre, marking the 12th consecutive year it has led the Xinhua-Baltic International Shipping Centre Development (ISCD) Index.

Jointly published by the Baltic Exchange and China’s Xinhua News Agency, the Xinhua-Baltic ISCD Index provides an independent benchmarking of the world’s leading maritime hubs.

It evaluates factors such as cargo throughput, port infrastructure, maritime services (including finance, law and shipbroking), and the overall business environment.

The index is closely monitored by shipping lines, port investors, and maritime service providers to track market competitiveness, and inform investment location and service development decisions.

Singapore retained its top position among 43 maritime cities and regions, underpinned by its consistent performance as one of the world’s busiest transhipment and bunkering hubs, and a well-established ecosystem of professional maritime services and expertise.

In 2024, Singapore handled 41.12 million twenty-foot equivalent units (TEUs) in container throughput – a record high – and saw total vessel arrival tonnage exceed 3 billion gross tons. The Port of Singapore also remains the world’s largest bunkering port, having supplied 54.92 million tonnes of marine fuel in 2024.

Home to more than 200 international shipping groups and a growing number of maritime technology start-ups, Singapore continues to strengthen its position as a global node for maritime innovation and enterprise.

This growing industry base is also creating new career pathways in areas such as port operations, digital systems management, automation, maritime law, and sustainability – as the sector transforms to meet the needs of a more digital and decarbonised future.

“We thank our industry partners, the research and enterprise community, and our unions who have been instrumental in Singapore’s journey to become a leading international maritime centre and global hub port,” said Ang Wee Keong, Chief Executive of the Maritime and Port Authority of Singapore.

“We will continue to build on this momentum by innovating and investing in digitalisation, green technologies, and workforce development to strengthen Singapore’s position as a trusted and future-ready international maritime centre.”

 

Photo credit: Manifold Times
Published: 14 July 2025

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“LNG London” marks 1,000 safe LNG bunkering ops in Rotterdam and Antwerp

Milestone is a tribute to the technical expertise and steadfast dedication of LNG London’s team, states Victrol.

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The LNG London, a liquefied natural gas (LNG) bunkering vessel chartered by Shell, owned by LNG Shipping, and operated by Victrol recently completed over 1,000 safe LNG bunkering operations across the ports of Rotterdam and Antwerp.

“This landmark achievement underscores LNG London’s unwavering commitment to safety, reliability, and environmental stewardship as LNG rises to prominence as a lower-emission marine fuel compared to conventional fuel oil,” stated Victrol on Friday (11 July) over a LinkedIn update.

“With this milestone, LNG London reaffirms its pioneering role in promoting sustainable, lower-emission bunkering throughout the Amsterdam–Rotterdam–Antwerp (ARA) hub.”

Launched in June 2019, LNG London has a capacity of 3,000 m³, spans 110 m in length, and navigates inland waterways with ease—facilitating efficient LNG supply to both seagoing vessels and barges offshore-energy.

Victrol as the vessel’s operator, emphasises the outstanding performance of the crew and the vessel’s robust design. Built with stringent safety specifications, LNG London strives to maintain high operational standards. This milestone is a tribute to the team’s technical expertise and steadfast dedication.

Building on the good work of LNG London, Shell had also enhanced its bunkering network with the larger Energy Stockholm, an 8,000 m³ bunker vessel, now operating in Antwerp, Rotterdam, Zeebrugge, and Amsterdam.

Related: Europe: ‘LNG London’ bunkering vessel starts operations at Rotterdam
Related: “LNG London” conducts first ship-to-ship LNG bunkering operation at Rotterdam
Related: Bureau Veritas classifies Europe’s largest inland waterway LNG bunker barge
Related: Europe’s largest LNG bunkering barge on maiden voyage to ARA
Related: Shell takes delivery of Europe’s largest inland LNG bunkering vessel

 

Photo credit: Victrol
Published: 14 July 2025

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