Qatar cuts Jan al-Shaheen oil term price, sources say

Reuters

QatarEnergy sharply cut the term price for al-Shaheen crude oil loading in January, trade sources said on Friday, in line with a recent fall in Middle East spot premiums.

QatarEnergy sharply cut the term price for al-Shaheen crude oil loading in January, trade sources said on Friday, in line with a recent fall in Middle East spot premiums.

The January term price fell to 73 cents a barrel above Dubai quotes, the sources said, down for a second straight month and at a multi-month low. The sources declined to be named as they are not authorised to speak with the media.

The term price for December cargoes was at a premium of $1.93 a barrel.

For its January tender, QatarEnergy sold five cargoes at premiums between 40 and 70 cents a barrel to Dubai quotes, the sources said.

Japanese refiner Eneos  bought two cargoes, while Exxon Mobil , TotalEnergies, and Unipec took one each, they added.

Traders said QatarEnergy offered more spot al-Shaheen crude in January as the term prices in some months this year were higher than spot market levels, deterring trading firms from committing to full-year supplies.

Spot premiums for Middle East crude have fallen sharply over the past one month, weighed down by demand weakness in China, the world's No.1 crude oil importer.

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