Qatar Energy Company intends to reduce the official selling prices for Al-Shaheen crude, loading next March, in conjunction with the volatile dealings in the oil markets.
Qatar set the future price of Al-Shaheen crude in March at a premium of $1.37 a barrel above Dubai prices, the lowest level since June 2021.
The new cut comes in comparison to a premium of $1.50 a barrel over Dubai prices for February loading cargoes, according to data seen by the specialized energy platform.
Sale of shipments to Total and Vitol
Qatar Energy set the official price after selling two cargoes of Al-Shaheen crude for March loading through tenders that closed this week.
It is likely that Total Energy and Vitol will buy the cargoes scheduled to be loaded between March 1-2 and March 26-27, according to Reuters.
Cut comes Shaheen prices In the wake of the decline in spot premiums for Middle East crude this month, with the narrowing of the spread between Brent and Dubai-related grades; Lower freight rates have encouraged Asian buyers to seek revisions of freight rates.
Meanwhile, the increasing flow of Russian oil into Asia is adding to concerns about oversupply and pressure on regional oil prices.
Corruption scandal in Europe
On the other hand, the Qatari Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman Al Thani, said that his country has nothing to do with the corruption scandal of cash in exchange for influence in the European Parliament as investigations continue, rejecting the allegations of Doha’s involvement as “baseless”.
Doubts are being raised about the biggest scandal to shake EU politics in decades, that Qatar and Morocco bribed politicians, parliamentary aides and NGOs to influence EU Council decisions.
Bin Abdul Rahman added: “We are 100% certain that this assumption is unfounded.. There is an ongoing investigation and we have to wait until the investigation is over,” according to what was reported by Reuters, quoting CNBC.
He pointed out that this problem occurs in Europe for a European institution, and it is better for them to look at their institution and implement all the steps required for them and not drag the name of our country into such a situation.
Qatar denied any involvement, and Morocco complained of “judicial harassment” after the graft investigation, which the European Parliament launched after a month-long procedure to waive immunity from prosecution for two lawmakers.
largest source of gas
Qatar’s foreign minister said that the Gulf Arab state, one of the world’s largest gas exporters, was “disappointed” by the European Parliament’s vote last month to suspend all work related to Qatar-related legislation and ban Qatari representatives from entering its headquarters.
He added that “cooperation with European Union institutions and the European Union continues on geopolitical issues, energy issues and a lot of other issues, and this type of decision … will affect any future talks.”
He stressed that Qatar, the main producer of liquefied natural gas, would not politicize energy supplies to Europe under commercial deals with the state-owned Qatar Energy Company.
“We have a proven track record that we have not missed any shipment, nor have we politicized our energy or used our energy to threaten any other country,” the minister said.
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