By: Zawya

QatarEnergy has lowered the term price for al-Shaheen crude oil loading in October, setting it at $2.52 a barrel above Dubai quotes, sources said on Friday.

That marked a decline of 81 cents from the $3.33 a barrel for September-loading oil, a five-month high.

The price cut followed a decline in spot premiums for Middle East crude so far this month, weighed down by rising supply as the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, maintained their output hike policy to regain market shares.

Qatar sold al-Shaheen oil to CNOOC, OQ and Idemitsu Kosan at a premium of around $2.30-2.55 per barrel above Dubai prices, the sources said.

Separately, Qatar awarded a Qatar Marine crude cargo at a premium of about $1.70 a barrel to PTT, and a Qatar Land cargo to OQ at a premium at $2.05 per barrel, according to the sources.

The companies typically do not comment on commercial deals.

All the cargoes are 500,000 barrels each.