Middle East Crude

　In regard with term contracts for Middle East grades in 2025, Qatar Energy (QE) apparently concluded term negotiations with customers except for some players such as Briton's Shell by Wednesday. As for Qatar Marine and Qatar Land, QE was expected to increase term supply to Chinese companies that had requested incremental supply. Meanwhile, production volumes of Qatar Marine and Qatar Land in 2025 would not sharply increase, compared to that in 2024. Further, domestic consumption of both grades would not change. As a result, QE would cut term supply of Qatar Marine and Qatar Land to other term contractors including traders in order to increase the term supply to China.

African/European/Russian/American Crude

　State-owned Indian Oil Corp (IOC) purchased Nigerian Akpo in its January arrival mini tender closed by early this week. The price details were unknown but the seller was French Total Energies. IOC would co-load the Akpo with mid-December loading Angolan Pazflor that IOC secured under the term contract from Sonangol.

Asia Pacific Crude

　In trade for December-loading Malaysian condensates, Malaysia's state-owned Petronas had awarded a Muda sell tender to PTT Public Co (PTT). PTT bought two cargoes via the tender. The awarded price was said to have been at premiums in the $1's to Dated Brent on a CFR Thailand basis. Through the tender closed on Monday with validity until Wednesday, Petronas was trying to sell two cargoes for Dec 3-9 loading and Dec 25-31 loading.