TOKYO (Reuters) – Qatar, one of OPEC’s smallest producers, has notified at least two Asian buyers it will supply its Land crude at full contracted volumes for September, unchanged from August levels, trade sources said on Thursday.
Term buyers have yet to be notified about supply allocations for Qatar Marine crude for September, sources at buyers said, though they expect full volumes to be supplied.
Qatar has been supplying full volumes of both grades for over a year and full volumes for September are expected by the market.
The Organization of Petroleum Exporting Countries agreed on output curbs in 2008 to support falling oil prices, which dropped from a high of nearly $150 a barrel in July 2008 to below $33 in December the same year.
With U.S. crude oil trading mostly between $70 and $80 per barrel, OPEC members have said they are happy and that there is little incentive to adhere to output targets.
Earlier this week, Abu Dhabi National Oil Co, the main exporter of OPEC-member the United Arab Emirates, deepened curbs for its Murban and Lower Zakum crudes, but eased cuts on its Umm Shaif and Upper Zakum grades, in its allocations for September supplies.