Qatar has informed at least seven Asian customers that it will cut supplies of medium-heavy Marine crude in order to comply with OPEC quotas industry sources have told Reuters, the news gathering agency.
Qatar Petroleum (QP), the state-owned energy giant will tirm 4% off supplies in May compared with no cuts in April.
However, QP will keep supplies of smaller crude stream, Qatar Land, at full volumes.
Qatar’s volume reductions did not surprise industry experts.
“More or less it was what we were expecting,” one trader said.
OPEC will welcome the move. The 12-nation oil cartel decided against further production cuts at their last meeting in March and instead stated they would concentrate on better compliance of existing reductions, some 4.2 million barrels per day (bpd).
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