Qatar Energy Lifts June Al-Shaheen Term Price - Traders

Muxu Yu
Friday, April 14, 2023

Qatar Energy set the term price for cargoes of al-Shaheen oil loading in June at a higher level than for May, indicating stronger demand for crude for the summer amid tightening supply after producers agreed to cut output. 

Qatar set the price for June cargoes at a premium of about $2.37 a barrel above Dubai quotes, up from about $2.01 a barrel the previous month, trading sources said on Friday. The term price was decided following the sale of four cargoes of June-loading al-Shaheen crude via a spot tender which closed earlier this week. 

Trading sources said Malaysia's Petronas and PetroChina won the cargoes at a price range of about $2-$2.40 a barrel above Dubai quotes, the sources said. 

The higher trades follow the announcement from the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, known as OPEC+, that they would carry out additional output cuts for the rest of 2023. 

That prompted Middle Eastern oil producers to raise their official selling prices for June-loading cargoes and drove up spot market prices. CRU/M Companies normally decline to comment on their trading activities. 

(Reuters - Reporting by Muyu Xu and Florence Tan; Editing by Jacqueline Wong and Christian Schmollinger)

Categories: Energy Middle East Activity Production

Related Stories

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

ADNOC Signs Long-Term LNG Deal with Hindustan Petroleum Corporation

Santos and QatarEnergy Agree Mid-Term LNG Supply

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

CNOOC Starts Production at Offshore Field in South China Sea

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com