State-owned Qatar Petroleum cut the official selling prices of both Qatar Marine and Qatar Land crude cargoes loaded in December, trading sources told S&P Global Platts Tuesday.
The December Qatar Land OSP is set at $58.45/b, down $8.50/b from the price for November. This is also the lowest the OSP has been since October 2017, when it was at $57.40/b.
The December Qatar Marine OSP is set at $57.70/b, down $8.20/b from November, S&P Global Platts data showed. The Marine OSP was also last lower in October 2017 at $55.80/b.
Taken as differentials to the front-month cash Dubai crude average in December, Qatar Land is at a premium of $1.13/b, which is a drop of 26 cents/b from its premium to Dubai in November, when it stood at $1.39/b.
Conversely, the Qatar Marine crude OSP for December is at a premium of 38 cents/b to Dubai, which is up 4 cents/b from its premium of 34 cents/b in November, Platts data showed.
The spread between Qatar Land and Marine continued to narrow from $1.05/b in November to 75 cents/b for the December OSPs. The spread is the narrowest since June 2017, when it was at 65 cents/b.
The prices tracked the month-on-month fall in global crude oil prices, market sources said. Front-month cash Dubai assessed by Platts in December averaged $57.32/b, down $8.24/b from November, while Platts front-month cash Oman averaged $57.58/b in December, down $8.28/b from November, Platts data showed.
Qatar Petroleum's crude OSPs: (Unit: $/b) Grade Jul Aug Sep Oct Nov Dec Change Qatar Land 75.25 74.00 79.30 81.25 66.95 58.45 -8.50 Qatar Marine 73.55 72.90 78.00 79.90 65.90 57.70 -8.20
