Refiners over a barrel?
Challenges and costs increase as ageing oil fields reach the ‘babushka’ stage
When the International Maritime Organisation (IMO) set in motion the changes to its international convention for the prevention of pollution from ships, or Marpol, to move the sulphur standard for marine bunkers from 3.5pc to 0.5pc, it probably believed that the timeframe would smooth the path for the change that is taking place on 1 January 2020. But, in reality, that neither oil refining companies nor ship owners have invested heavily enough should not be a surprise, given the costs entailed and the uncertainty of any investment paying back. Meeting the change in sulphur specification is not simple and prices are responding to the distortion that is being created in global supply/demand
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6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
