Qatar gasoline exports continue to rise in 2023

Spanish Market: Oil products
10/02/23

Qatar's exports of finished gasoline rose to a record monthly high of 107,000t (904,000 bl) in January, following a yearly record of 312,000t in 2022.

January shipments were the highest since the volumes of 98,000t in June 2022, according to oil analytics firm Vortexa.

The high demand for road fuels during the Fifa World Cup has waned, according to market participants, and strong refining margins have prompted state-owned QatarEnergy (QE) to keep utilisation rates closer to maximum.

"They have been exporting more than usual as demand usually weakens in winter months, [and] coupled with high stocks, a surplus formed following the World Cup demand," a Dubai-based trader said.

The UAE received 50pc of Qatar's total gasoline exports in 2022, and 75pc of total exports in January, making it the top destination both times.

Dubai's state-owned Enoc chartered the Bolan to ship 55,000t gasoline from Ras Laffan while Total booked the Dalmacija to load 26,000t gasoline from Mesaieed port. Both the cargoes arrived in Jebel Ali in mid-January, Vortexa data showed.

Qatar's gasoline shipments are also on the way to Singapore, with 26,000t of gasoline set to arrive in the city-state next week. The TTC Shakti, chartered by Oman's OQ arrived in Singapore on 10 February with a 60,000t gasoline cargo from Qatar.

QE continued to offer fresh cargoes at a higher-than-usual rate. It offered 35,000t of 95R gasoline for 4-5 March loading from Mesaieed. QE last sold 30,000t of 95R gasoline for 30-31 January loading from Mesaieed at around a $5/bl discount to Singapore spot gasoline assessments, according to a gasoline trader, although this could not be confirmed with the firm itself.

By Rithika Krishna

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