ME crude: Al Shaheen tender may offer cues

The Middle East crude market was steady on Wednesday as traders awaited the outcome of Qatar’s al-Shaheen tender for clues to market appetite. Royal Dutch Shell bought seven Dubai partials at $105.90 per barrel. Phibro sold four partials, while Mercuria sold the other three to Shell. Qatar International Petroleum Maketing Co, or Tasweeq, has tendered to sell seven cargoes of January loading al-Shaheen crude. The tender closes on Thursday and is valid until on Monday. The court ruling that dismantled Indonesia’s energy regulator BPMigas also stipulated that the government must honour all energy production sharing agreements signed with oil and gas companies. Taiwan’s crude imports dropped 5 per cent in September from a month ago and did not include any imports from Iran for the sixth consecutive month, data from the Bureau of Energy showed on Wednesday. Exxon Mobil is in the advanced stages of talks with potential buyers to take on Iraq’s West Qurna 1 oilfield and there are enough appropriate candidates, the country’s deputy prime minister for energy said.