QatarEnergy has lowered the term premium for al-Shaheen crude oil loading in February, several trade sources said on Thursday, following weakness in the premiums of spot benchmarks.
The state-owned company set the February prices at 53 cents a barrel above Dubai quotes, down from 84 cents for January-loading cargoes. The price cut followed a decline in spot premiums for Middle East crude so far this month, weighed by ample supplies in the market and a surplus outlook for 2026.
QatarEnergy sold five cargoes at premiums averaging at around 42 cents a barrel to Dubai quotes to Glencore, Indian refiners Reliance and HPCL-Mittal Energy, the sources said.
Separately, Qatar awarded a Qatar Marine crude cargo at a discount of about 60 cents a barrel to Unipec, the trading arm of Chinese oil major Sinopec, and a Qatar Land crude cargo at a premium of about 30 cents to Reliance, the people said.
The companies typically do not comment on commercial deals. All the cargoes are 500,000 barrels each.
(Reporting by Siyi Liu in Singapore; Editing by Muralikumar Anantharaman and Harikrishnan Nair)
