Qatar the latest OPEC member to join deep price cuts . . . . . . . . . . . . Qatar became the latest of the Organization of Petroleum Exporting Countries to reduce oil prices by more than $1 a barrel. Qatar cut the September price differential for its Marine crude oil to Dubai by the largest margin since January 2008, in order to improve demand for its crude in Asia, in the wake of sharp price cuts from Saudi Arabia at the start of the month. Qatar set its September retroactive Official Selling Price (OSP) for Marine crude at $94.95 a barrel, $6.75 a barrel lower than August, Qatar News Agency said on Monday. The (OSP) differential September Marine crude to Dubai’s crude widened by $1.49 per barrel to $1.52 a barrel. Qatar also set its September Qatar Land crud OSP at $96.95, down $6.25 from August, and a $0.99 cut to its premium to Dubai. Qatar has been losing market share in recent months amid higher competition from other Gulf grads as its OSPs were relatively higher and did not mirror spot market trends, and is now seeking catch-up with reality. Qatar’s price cuts will help ease pressure from slowing demand from Asia and a large number of competing grades from Latin America and the Atlantic Basin. #egyptyard
Posted on: Tue, 14 Oct 2014 08:37:06 +0000
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