Outlook 2024: Freight sector grapples with regulations and geopolitics
EU ETS extension is the latest change for the sector
Freight is a vital but often overlooked component of the oil and product markets. The sector will be subject to additional EU emissions regulation from the start of 2024, while continuing to grapple with the ongoing rerouting of the global energy trade. And with so many significant energy exporting nations under Western sanctions, the shipping industry is central in both the enforcement and attempted evasion of those rules. In January, the EU will extend its emissions trading system (EU ETS) to cover the CO₂ emitted by “all large ships”—specifically vessels with a gross tonnage of 5,000t or more, which includes all classes of tankers—“entering EU ports, regardless of the flag they fly”. The
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
