Singapore: Qatar Petroleum has become the third Gulf crude-oil supplier to reduce its official selling prices (OSP) in Asia after Abu Dhabi National Oil Co. and Saudi Arabian Oil Co., in an attempt to attract buyers amid the spot demand slump.
Qatar Petroleum had set the February Qatar Land crude OSP at $73.65 (Dh922.8) a barrel, the Qatar News Agency reported on Thursday — a $3.30 cut from the January OSP.
Asia's appetite for sour crude oil slowed for April purchases, with refineries entering peak maintenance season while coping with full term supplies from Saudi Aramco. Meanwhile, Middle Eastern crude is facing stiff competition from Russia's new ESPO Blend crude, a substitute for grades such as Oman and Murban.
Other producers like National Iranian Oil Co and Kuwait Petroleum Co are likely to cut OSPs this week.
