QatarEnergy raises September crude official prices

: Crude oil
24/08/07

Qatari state-owned QatarEnergy (QE) published its official formula prices for September-loading crude exports, raising prices for both grades from August.

QE lifted the September price for Qatar Land by 75¢/bl from August, pricing the light sour grade at 35¢/bl premium to the average of Dubai assessments. September-loading Qatar Marine was priced higher by 45¢/bl from the previous month, at a 60¢/bl premium against Dubai. The latest price hikes narrows the premium between medium sour Qatar Marine against light sour Qatar Land to 25¢/bl, the lowest since May.

QE's price increases are higher compared to other Mideast Gulf producers. Saudi Arabia's state-controlled Saudi Aramco raised September prices to Asia-Pacific by 10-20¢/bl from August, lower than what refiners expected. Abu Dhabi's Adnoc raised the September price of its medium sour Upper Zakum by 5¢/bl on the month.

By YouLiang Chay

Qatari crude official formula prices				($/bl)
Grade	Basis	September	August	±
Qatar Land	avg Dubai	0.35	-0.40	0.75
Qatar Marine	avg Dubai	0.60	0.15	0.45
				Source: QE

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25/06/23

Foreign oil staff exit Iraq over regional tensions

Dubai, 23 June (Argus) — International oil companies operating in southern Iraq have reduced their foreign staff in response to growing concerns over regional instability, Iraq's state-owned Basrah Oil Company said today. The staff reductions reflect heightened fears that the conflict between Israel and Iran could spill over into the wider region. Tensions escalated after US airstrikes on Iranian nuclear sites early on 22 June local time, following nearly two weeks of missile and drone exchanges between Israel and Iran. Basrah Oil said several companies operating under licensing agreements in its fields have temporarily evacuated foreign staff. "Most notably, the British company BP, which operates the Rumaila field, has withdrawn some personnel," the company said in a statement. Crude output at Rumaila, Iraq's largest oil field with capacity of around 1.45mn b/d, has recovered to about 1.2mn b/d, Argus understands, after a 24 January fire disrupted around 300,000 b/d of production. Basrah Oil said the staff reductions have not affected output. "Iraqi personnel continue to carry out operations and monitoring, in full co-ordination with remote operators," it said. Italian firm Eni has also scaled back its presence at the 480,000 b/d Zubair field. "Eni has gradually reduced its staff from 260 employees to 98, who are currently working normally in the field alongside Iraqi teams to manage petroleum operations," Basrah Oil said. Sources at Eni told Argus that the company made the cut as a precaution and is monitoring the situation in co-ordination with Italian and local authorities. TotalEnergies, which is redeveloping the Ratawi field to raise capacity by 85,000 b/d to 210,000 b/d, has also reduced staffing. Basrah Oil said 60pc of TotalEnergies' personnel have been withdrawn, but operations have not been affected. Chinese firms operating the West Qurna 1, Siba, and Faihaa fields have not evacuated staff, and operations are continuing smoothly, according to Basrah Oil. Russian firm Lukoil, operator of the West Qurna 2 project, has also maintained normal staffing levels and reported no disruption. By Bachar Halabi and Jon Mainwaring Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Russia condemns US strikes, offers Iran support

25/06/23

Russia condemns US strikes, offers Iran support

London, 23 June (Argus) — Russia has condemned US airstrikes on Iranian nuclear facilities but said they will not affect Moscow's dialogue with Washington. "This is an absolutely unprovoked aggression against Iran. It has no basis or justification," state news agency Tass quoted President Vladimir Putin as saying during a meeting in Moscow with Iranian foreign minister Abbas Araqchi. Earlier today, Kremlin spokesperson Dmitry Peskov also criticised the strikes and expressed "deep regret" over the escalating conflict in the Middle East. "There has been an increase in the number of participants in this conflict, a new round of escalation of tensions in the region. And of course, we condemn this and express deep regret in this regard," Peskov said, according to Tass. Despite the tensions, Peskov said the US strikes would not affect Russia's bilateral dialogue with Washington, describing the two processes as "independent". He also raised concerns about potential radiation risks from the attacks. "We need to find out what happened to these nuclear facilities and whether there is a radiation hazard," he said, while noting that the UN nuclear watchdog, the IAEA, had reported no signs of contamination so far. Peskov said Russia is ready to support Iran, depending on Tehran's needs. "We have offered our mediation efforts. This is specific," he said. "Everything depends on what Iran needs." Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Iran vows payback after US strike on nuclear facilities

25/06/23

Iran vows payback after US strike on nuclear facilities

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Iran raises Hormuz closure threat after US strikes

25/06/23

Iran raises Hormuz closure threat after US strikes

Dubai, 23 June (Argus) — A senior Iranian lawmaker says parliament has concluded that the strait of Hormuz "should be closed" in response to US airstrikes on three nuclear sites early Sunday — a move that would severely disrupt global oil flows. Esmaeil Kowsari — a member of the national security and foreign policy commission, and a former high-ranking commander in the Islamic Revolutionary Guard Corps (IRGC) — told state-owned Press TV that lawmakers had reached a consensus that closure would be the appropriate response. Argus understands that while members of parliament were all in agreement, the issue was not formally put to a vote. Kowsari said the final decision lies with the Supreme National Security Council, Iran's top security body. His comments have drawn global attention as markets await Iran's response to the strikes, which US president Donald Trump ordered against nuclear facilities at Fordow, Natanz and Isfahan. The Fordow site is heavily fortified and located underground. The Natanz facility had already been targeted by Israeli strikes, prompting a series of retaliatory missile and drone exchanges between Iran and Israel. Iranian officials, including supreme leader Ayatollah Ali Khamenei, had repeatedly warned Washington that any direct military action would trigger a response causing "irreparable" harm to the US. . Variety of options The strait of Hormuz is the world's most critical oil transit route, with around 17mn b/d of crude and refined products — roughly a quarter of global seaborne oil trade — passing through it. Iran has repeatedly threatened to close the strait in past confrontations but has never followed through. It has, however, previously targeted or seized vessels transiting the waterway, prompting some shipowners to consider alternative routes. Closure of the strait is one of several retaliatory options regularly floated by Iranian political and military leaders. Others include military strikes on US bases across the Mideast Gulf. The US maintains installations in Bahrain, Qatar, the UAE, Kuwait, Saudi Arabia and Iraq. Asked whether closing the strait was under consideration, Iranian foreign minister Abbas Araqchi declined to confirm, saying only that "there are a variety of options available to us". Araqchi travelled to Moscow late on Sunday and is expected to meet Russian president Vladimir Putin on Monday. Moscow has condemned the US strikes. Ali Akbar Velayati, a long-time adviser to Khamenei, also issued a veiled threat to Washington, saying: "West Asia is not Greenland, and the strait of Hormuz is fundamentally different from the Panama Canal." The comment referenced earlier threats by Trump to assert US control over Greenland and the Panama Canal during the early days of his second term. US secretary of state Marco Rubio warned that any attempt by Iran to close the strait would be "a terrible mistake." "It's economic suicide for them if they do it, and we retain options to deal with that," he said. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brent crude tops $80/bl after US strikes on Iran

25/06/23

Brent crude tops $80/bl after US strikes on Iran

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