Large U.S. refiners such as Valero and Philips 66 are set to benefit from a shipping fuel emission rule that will come into force in two years—one that has been bugging the oil industry globally.

The rule, set to enter into force in 2020, will require shipping companies to reduce substantially the amount of sulfur in their bunker fuel, which means the industry will need to find alternatives to fuel oil, of which the current rate of consumption is more than 4 million barrels daily.

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