Qatar cuts June crude oil Official Selling Price, follows Saudi

London - (Quantum Commodity Intelligence) - Qatar's state-owned petroleum company, Qatar Petroleum, has set its Official Selling Price (OSP) for Qatar Marine crude oil in June at a premium of $1.00/b to the average of Platts Oman and Dubai assessments, a cut of $0.05/b on the month, according to media reports.

The OSP for Qatar's land crude oil has been set at $0.70/b over the Platts Oman/Dubai average, down $0.10/b from May.

The cuts were largely expected after Saudi Aramco made small cuts to key grades Arab Light and Arab Medium for June earlier this month.

Qatar's Al Shaheen crude does not have an OSP, but is typically sold as a differential to Dubai. Al Shaheen is closely watched by traders as it is one of the component grades delivered against the Dubai benchmark, along with Oman, Upper Zakum and Murban.

In its most recent tender QP sold three cargoes, one in early June and two loading late June. The cargoes were heard awarded at around Dubai +$1.15 to $1.25/b, which was lower than the May-tender cargoes awarded last month at around +$1.50/b.

Most of the premium reflects the market structure, as June-loading cargoes are priced against Dubai assessments during the month of June - when August is the front-line month for Dubai.