Energy QatarEnergy raises June crude price on high demand By Reuters April 14, 2023, 5:25 AM Reuters/Angus Mordant Saudi Arabia is widely expected to roll over a voluntary oil cut of 1m barrels per day for a fourth consecutive month into October State-owned QatarEnergy 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 Opec and producers 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. Companies normally decline to comment on their trading activities. Saudi Aramco has told at least four customers in North Asia they will receive full contract volumes of crude oil in May, Reuters reported, citing informed sources. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
