State-owned QatarEnergy has cut the term price for al-Shaheen crude oil loading in December to the lowest in more than a year, several trade sources said on Thursday, as abundant Middle Eastern supply weighed on the market.

The December term price for al-Shaheen crude was set at 54 cents a barrel, the sources said, falling sharply from $3.61 in the previous month.

The price was set after QatarEnergy awarded two al-Shaheen cargoes to Glencore and one to BP via its monthly tender, the sources said.

Separately, QatarEnergy also sold one Qatar Marine crude cargo to Thailand’s PTT at a discount of about 15 cents a barrel to Dubai quotes and a Qatar Land crude cargo to SK Energy at a premium of about $1 a barrel above Dubai quotes, they added. The cargoes are to load in December.
Source: Reuters