Report: Qatar Energy Sells Feb Al-Shaheen at 20-mth Low Premiums

Muyu Xu
Friday, December 16, 2022
Al-Shaheen field (file photo)- ©North Oil Company

Qatar Energy has sold five cargoes of al-Shaheen crude loading in February at premiums of between $1.30 and $1.50 a barrel to Dubai quotes via its monthly tender, two trade sources said on Friday.

The premiums are the lowest since June 2021 and follow a weak market this month when spot premiums for Middle East crude plunged to multi-month lows on concerns over sluggish demand and a potential supply overhang.

Shell, Cosmo, Sinochem, and ExxonMobil are likely to have bought the cargoes, the sources said.

Qatar Energy likely set the February term price at a premium of $1.50 a barrel after the tender was awarded, the sources said. That was down from $2.60 in the previous month.

(Reuters - Reporting by Muyu Xu; Editing by Himani Sarkar and Savio D'Souza)

Categories: Middle East Production

Related Stories

Africa Energy Aims to Start Production in South Africa by 2033

Africa Energy Aims to Start Production in South Africa by 2033

ADES Secures Jack-Up Drilling Rig Contract in West Africa

ADES Secures Jack-Up Drilling Rig Contract in West Africa

Aker Solutions Awarded Contract for BalWin2 Offshore Wind Project

Aker Solutions Awarded Contract for BalWin2 Offshore Wind Project

Current News

Chartwell Marine to Design CTV for NR Marine Services

Equinor Selects Baker Hughes for P&A Ops at Oseberg East Field

Poland to Open 4GW Offshore Wind Auction in December

North Sea Operator Picks OEG for Offshore Helifuel Services

Subscribe for OE Digital E‑News

Offshore Engineer Magazine