QatarEnergy raises Sept. crude prices

QatarEnergy (QE) is set to increase its official formula prices for September-loading crude exports, marking a rise for both grades from August.

QE has set the September price for Qatar Land at a 35¢/bl premium to the average of Dubai assessments, up 75¢/bl from August. The price for September-loading Qatar Marine has increased by 45¢/bl from the previous month, reaching a 60¢/bl premium against Dubai.

This adjustment narrows the premium between medium sour Qatar Marine and light sour Qatar Land to 25¢/bl, the smallest margin since May. Compared to other producers in the Mideast Gulf, QE’s price increases are more significant.

Saudi Arabia’s state-controlled Saudi Aramco raised its September prices to the Asia-Pacific region by 10-20¢/bl from August, which was less than refiners had anticipated. Abu Dhabi’s ADNOC increased the September price of its medium sour Upper Zakum by 5¢/bl month-on-month.

Attribution: Argus Media