Qatar sells November-loading al-Shaheen crude at 5-month lows - sources

Three cargoes were sold

  
A petroleum refinery of Qatar Petroleum stands on October 26, 2011 near Umm Sa'id, Qatar. Image for illustrative purposes.

A petroleum refinery of Qatar Petroleum stands on October 26, 2011 near Umm Sa'id, Qatar. Image for illustrative purposes.

Getty Images/Sean Gallup

SINGAPORE- Qatar Petroleum sold al-Shaheen crude loading in November at the lowest premiums in five months amid ample supplies of Middle East oil, trade sources said on Thursday.

Three cargoes were sold via tender at an average premium of $1.53 a barrel to Dubai quotes, they said.

QP has also set the term price for November-loading al-Shaheen crude at a premium of $1.58 a barrel, the sources said.

The buyers were not immediately known.

Supplies of medium and heavy sour grades in Asia are rising after the Organization of the Petroleum Exporting Countries and their allies agreed to ease production cuts by 400,000 barrels per day each month between August and December.

Last month, QP set the term premium for October-loading cargoes at $2.62 a barrel after selling three cargoes at an average premium of $2.30 a barrel above Dubai quotes. 

(Reporting by Florence Tan; Editing by Muralikumar Anantharaman and Tom Hogue) ((Florence.Tan@thomsonreuters.com; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))


More From GCC