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Qatar Energy has set the July term price for al-Shaheen oil at the lowest level since April 2021. The price, a premium of about $1.03 per barrel above Dubai quotes, reflects sluggish refining margins and ample crude supplies. Trading sources suggest that companies like Total, Shell, ExxonMobil, and Vitol have likely won the cargoes. Thin refining margins and planned refinery operations reductions have contributed to weakened spot premiums for Middle Eastern crude. Despite recent reconciliation with its GCC neighbors, the move highlights Qatar’s continued desire to conduct energy policy independent of its Gulf counterparts.

Qatar Energy cuts July al-Shaheen oil price to 27 month low

Qatar Energy has set the July term price for al-Shaheen oil at the lowest level since April 2021. The price, a premium of about $1.03 per barrel above Dubai quotes, reflects sluggish refining margins and ample crude supplies. Trading sources suggest that companies like Total, Shell, ExxonMobil, and Vitol have likely won the cargoes. Thin refining margins and planned refinery operations reductions have contributed to weakened spot premiums for Middle Eastern crude. Despite recent reconciliation with its GCC neighbors, the move highlights Qatar’s continued desire to conduct energy policy independent of its Gulf counterparts.

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