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Qatar, one of OPEC’s smallest
producers, has notified at least two Asian term buyers it will
cut May supplies of its Marine crude, while it will continue to
supply contacted volumes of its Land crude, traders said on
Wednesday.

State-owned Qatar Petroleum (QP) told the buyers it would cut
supplies of medium-heavy Qatar Marine crude by 4 percent from
contracted volumes in May, compared with no cuts for April, the
traders said.

QP will also keep supplies of Qatar Land crude at full
contractual volumes in May, steady from levels over the two
previous months.

Traders said the supply curbs by Qatar, which has been
cutting crude supplies to Asia since January in line with OPEC’s
deal to cut output to prop up prices, was not a surprise.

“More or less it was what we were expecting,” one trader
said.

Qatar’s notice came after OPEC member United Arab Emirates
last week told buyers it will increase supplies of its
medium-heavy Upper Zakum crude in May, but keep curbs on three
other grades unchanged from April. [ID:nT103266]

Qatar also notified the two Asian buyers that it would leave
its 5 percent operational tolerance for May volumes, unchanged
from April.

Following are the cuts in Qatar term crude supplies to Asian
since January 2009, according to the sources.

January February March April May
Qatar Marine 5% 6% 15% no cuts 4%
Qatar Land 5% 3% no cuts no cuts no cuts


(Reuters)


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