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Oil 2018 to Oil 20191) A B C = D + E + F D Comparison vs. 2019 (kb/d) Drop in HSFO demand Additional marine gasoil 2020 2021 2022 2023 1,939 1,939 1,939 1,939 969 462 139 7 New 0.5% Marine fuel 969 1,496 1,849 2,018 HSFO blended in new 0.5% fuel 74 179 250 284 E Gasoil blended in new 0.5% fuel 295 717 999 1,134 F Very low sulfur fuel oil blended in 0.5% fuel 600 600 600 600 B+E A-D Total gasoil needed 1,265 1,179 1,138 1,141 Total HSFO surplus 1,865 1,759 1,689 1,655 = C+ B- A Total bunker 0 19 49 ☐ 86 Based on limited additional availability of low sulfur molecules (~1 mb/d gasoil in 2020) iea © IEA 2016

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