Seaborne Products Exports

摘要

1. After declining (by c.4%) in 2019 amid subdued oil demand growth, heavy refinery maintenance schedules globally, weak refining margins and a sharp fall in fuel oil trade, global seaborne petroleum products trade is expected to expand by 3.0% in 2020. 2. There remain expectations for China to be a major driver of growth in oil products trade in 2020, although how the coronavirus outbreak might impact this is difficult to judge at this stage. Elsewhere, there is potential for US and Middle East products exports, alongside China's, to be supported by the impact of the IMO 2020 sulphur cap.