1
2
Insights. Delivered.
Higher oil prices
Well-
functioning market
Lower oil prices
Development until 2020?
Less
functioning market
1 st 2 nd
3 rd 4 th
Insights. Delivered.
9%
24%
7%
33%
27%
Direct use Gasoline Kerosene Destillates Heavy fuel oil
Crude fractioning globally
Source:IEA
Insights. Delivered.
Refineries under pressure
Source:IEA
The sulphur directive
Insights. Delivered.
Source:IMO
6
New demand for destillates
Insights. Delivered.
Source:DNV
7
Fuels sold in Sweden per sector
0 10 20 30 40 50 60
Diesel Heating & MGO HFO (Eo 2-6)
TWh FUEL CONSUMPTION
Diesel and fuel oils
International shipping
Other
Power and heating plants
Properties
Agriculture, forestry, fishing
Other business segments
Mining, minerals and manufacturing
industries
Transportation excl.
international shipping
Source:Swedish Energy Agency
8
Fuels used in Sweden per sector
0 10 20 30 40 50 60 70 80 90
Diesel Heating & MGO HFO (Eo 2-6)
TWh
FUEL CONSUMPTIONDiesel and fuel oils International shipping Other
Power and heating plants
Properties
Agriculture, forestry, fishing
Other business segments
Mining, minerals and manufacturing
industries
Transportation excl.
international shipping
Source:Swedish Maritime Agency
24%
7%
33%
27%
Price trend in the EU
Insights. Delivered.
Oil products and crude
crude bearish?
10
