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Sunday, February 12, 2012 6:57 GMT
Qatar Petroleum has become the third Persian Gulf crude-oil supplier to reduce its official selling prices (OSP) in Asia after Abu Dhabi National Oil Co. (ADNOC) 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 US$73.65 a barrel. 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.- Gulf News