The new shipping fuel regulation of the International Marine Organisation (IMO), to get into force from January 1, 2020, has increased demand for Azerbaijan’s Azeri Light oil on world markets, APA-Economics reports citing Hellenic Shipping News Worldwide website.
New shipping regulation considers marine fuels with a sulphur content below 0.5%.
It is forecasted that taking into consideration Azeri in particular has been a stand out grade, its distillate rich yield and low sulphur content have propelled it to all-time highs. It’s been a record-breaking month for much of the global sweet crude complex, with grades such as Algeria’s Saharan Blend and Azerbaijan’s Azeri Light seeing increased demand from refiners. This support is likely to continue, with grades yielding large volumes of compliant marine fuels highly profitable in the current climate.