Friday, Jan 06, 2012
(Adds premiums to Dubai, comparison with rival grades and context from third paragraph onwards; price table at the end)
By Gurdeep Singh
Of DOW JONES NEWSWIRES
SINGAPORE (Dow Jones)--Qatar Petroleum has reduced its crude-oil official selling prices retroactively for December term supply by $2.60 from a month ago, posting Qatar Land at $110.75 a barrel, Qatar News Agency reported Friday.
The Qatar Marine OSP was cut to $109.50 a barrel, QNA said on its website.
Both grades' differentials to Dubai was cut by 3 cents a barrel from a month ago, compared with a 2-cent increase in rival Murban's OSP for December.
Qatar Land's December premium to Dubai shrunk to $4.32 a barrel while that of Qatar Marine narrowed to $3.07.
Earlier this week, Saudi Arabian Oil Co. surprised the market by cutting its crude OSP for Asia by a bigger-than-expected margin, setting the stage for sharp declines in sour crude prices of other Middle Eastern grades too.
Qatar Petroleum's official selling prices, in U.S. dollars a barrel, follow:
Crude Dec Nov Change
Qatar Land 110.75 113.35 -2.60
Premium to Dubai +4.32 +4.35 -0.03
Qatar Marine 109.50 112.10 -2.60
Premium to Dubai +3.07 +3.10 -0.03
-By Gurdeep Singh, Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
(END) Dow Jones Newswires
06-01-12 0326GMT
