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Qatar cuts Jan al-Shaheen oil term price, sources say
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Qatar cuts Jan al-Shaheen oil term price, sources say
Nov 14, 2024 9:21 PM

SINGAPORE, Nov 15 (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.

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 ( JXHGF ) bought two cargoes, while

Exxon Mobil ( XOM ), 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.

(Reporting by Florence Tan and Siyi Liu in Singapore; Editing

by Muralikumar Anantharaman and Abinaya Vijayaraghavan)

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