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)