Qatar cuts Jan al-Shaheen oil term price, sources say
Adds details and background throughout
SINGAPORE, Nov 15 (Reuters) -QatarEnergy sharply cut the term price for al-Shaheen crude oil loading in January, trade sources said on Friday, in line with a recent fall in Middle East spot premiums.
The January term price fell to 73 cents a barrel above Dubai quotes, the sources said, down for a second straight month and at a multi-month low. The sources declined to be named as they are not authorised to speak with the media.
The term price for December cargoes was at a premium of $1.93 a barrel.
For its January tender, QatarEnergy sold five cargoes at premiums between 40 and 70 cents a barrel to Dubai quotes, the sources said.
Japanese refiner Eneos 5020.T bought two cargoes, while Exxon Mobil XOM.N, TotalEnergies TTEF.PA, and Unipec took one each, they added.
Traders said QatarEnergy offered more spot al-Shaheen crude in January as the term prices in some months this year were higher than spot market levels, deterring trading firms from committing to full-year supplies.
Spot premiums for Middle East crude have fallen sharply over the past one month, weighed down by demand weakness in China, the world's No.1 crude oil importer.
Reporting by Florence Tan and Siyi Liu in Singapore; Editing by Muralikumar Anantharaman and Abinaya Vijayaraghavan
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