Investor Presentaiton

Oil 2018 outlook* • • • Need to understand how fuel oil and diesel demand will be impacted by IMO 2020 in order to project future consumption. Starting point: lack of low sulfur molecules (marine gasoil or fuel oil) in 2020 will be the main constraint. We estimated c. 1 mb/d of diesel (in addition to inland requirements) will be available for marine demand in 2020 from: ➤ Refinery capacity developments Crude availability ➤ Refinery flexibility (yield shifts) iea *"Oil 2018 - Analysis and Forecasts to 2023", March 2018. IEA's annual five-year oil market forecast. © IEA 2016

View entire presentation