Bloomberg: Qatar’s oil and condensate exports rose 5% in August

Bloomberg: Qatar’s oil and condensate exports rose 5% in August
Bloomberg: Qatar’s oil and condensate exports rose 5% in August

How much did Qatar exports of crude oil and condensate during August?

924 thousand barrels per day, compared to 881 thousand barrels in July, an increase of 5%.

What are the reasons for the rise in Qatar’s exports of oil and condensate?

The increase in the number of shipments destined for both China and India compensated for the decrease in shipment flows to Japan.

The US “Bloomberg” agency said today, Saturday, that Qatar’s exports of crude oil and condensate rose by about 5% during last August, to approach 924,000 barrels per day, compared to 881,000 barrels in July.

The agency attributed this rise to the increase in the number of shipments destined for China and India, which compensated for the decrease in shipment flows to Japan.

Qatar’s crude oil exports rose by about 6% on a monthly basis to 672,000 barrels per day, while shipments of condensate leaving Ras Laffan rose by 2% to about 253,000 barrels per day.

Exports to China hit their highest level in six months. While flows to India doubled, shipments to Japan fell 31% month-on-month to their lowest level, since September 2020.

Qatar exports crude oil and condensate through 5 main platforms: Al Shaheen, Halul, Ras Laffan, Mesaieed and Al Rayyan (which has stopped since May 2021).

Al-Shaheen exports totaled 338.7 thousand barrels per day in August, compared to 290 thousand barrels in July, while Halul exports reached 172 thousand barrels, compared to 161 thousand barrels in July.

Ras Laffan exports rose to 252.7 thousand barrels per day in August, compared to 246.8 thousand barrels in July, while Mesaieed exports fell to 160 thousand barrels, compared to 182.8 thousand barrels in July.

Japan topped the destinations that receive Qatar’s exports of Qatari crude oil and condensate, despite the decline in its imports during August to 215,000 barrels per day, compared to about 312,000 barrels in July.

South Korea and China came in second place with a total of 129 thousand barrels per day each during August.

Singapore ranked third with about 128,500 barrels per day, then Thailand with 75,000 barrels, and India and the UAE with 64.5 thousand barrels each.

Qatari shipments of condensate rose to 983,000 barrels per day last month, the highest level since October 2020.

In December 2019, Qatar Petroleum announced the change in the pricing methodology for onshore and offshore oil from retroactive pricing to pre-pricing, as of last February.

The new pricing methodology for Qatar Onshore Oil and Qatar Marine will be based on the average of the declared and transparent regional oil price indices.

The new pricing methodology enhances the competitiveness of Qatar Onshore Oil and Qatar Offshore Oil, and will give existing and new buyers the ability to price comparison of Qatari oil with other regional crude oil prices.

 
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