SINGAPORE: QatarEnergy has lowered the May term price for al-Shaheen crude oil to $1.29 a barrel above Dubai quotes after selling five cargoes via its monthly tender, trade sources said on Friday.
The drop in premiums followed similar falls in Middle East crude benchmarks Dubai and Oman amid ample supply and lower demand in Asia during the refinery maintenance season.
The producer sold four cargoes to Vitol at a premium of $1.17 a barrel above Dubai quotes and the remaining cargo to China’s CNOOC at a premium of $1.30 a barrel, they said.
The cargoes are to load on May 1-2, 14-15, 15-16, 27-28 and 28-29.
Qatar hikes March al-Shaheen oil term price to over 2-year high
Last month, QatarEnergy sold April-loading al-Shaheen crude at a premium of $3.50 a barrel to Glencore.
Separately, QatarEnergy also sold a Qatar Land crude cargo to Shell at a premium of 60 cents a barrel to Dubai quotes and a Qatar Marine cargo to Japanese refiner Eneos at 45 cents above Dubai quotes, the sources said.
Companies typically do not comment on their commercial deals.
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