“On January 1, 2020, the International Maritime Organization (IMO) will enforce new emissions standards designed to significantly curb pollution produced by the world’s ships,” CNBC reports.
“It is the biggest change in oil market history,” according to Steve Sawyer, senior analyst at energy consultant Facts Global Energy. “It is going to affect crude oil producers, traders, ship owners, refiners, equity investors, insurance companies, logistical businesses, banks… Who’s left? I’m struggling to think of anyone it might not affect. That’s why it is a huge transition.”