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Qatar ups Dec Marine crude OSP to $89.50/bbl-report

Differentials to Dubai crude rise on strong spot premiums.

January 6, 2011 10:00 by

Qatar has raised its December retroactive official selling price (OSP) for Qatar Marine crude to $89.50 a barrel, up $6.10 from November, Qatar News Agency said.

The differentials against the average price of benchmark Dubai crude for the month shifted to a premium of 45 cents a barrel from a discount of 25 cents for November.

The Gulf Arab state also set the December Qatar Land crude OSP at $91.15, up $6.38 from November, the state news agency said.

That represents a $2.10 a barrel premium to Dubai crude, higher than the $1.12 premium for November.

The differentials for the December OSP rose on the back of strong premiums paid to spot February-loading cargoes last month.

Qatar is one of OPEC’s smallest members, pumping around 800,000 barrels per day.

(Reporting by Osamu Tsukimori; Editing by Joseph Radford)

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