Middle East Crude-Benchmarks rise; Qatar cuts March term price for al-Shaheen oil

SINGAPORE, Jan 15 (Reuters) - Middle East crude benchmarks strengthened on Thursday, with that of Oman hitting an over two-month high. Increased buying also pushed up Dubai, while the market remained in a contango.

State-owned QatarEnergy has set the term price for al-Shaheen crude oil loading in March at minus 33 cents a barrel to Dubai quotes, down from a premium of 53 cents for February-loading cargoes and the first discount in years.

QatarEnergy sold 4 cargoes at discounts at 32-35 cents a barrel to Dubai quotes to Totsa, the trading arm of TotalEnergies TTEF.PA, and Unipec, the trading arm of Chinese oil major Sinopec 600028.SS, the sources said.

Separately, Qatar awarded a Qatar Marine crude cargo at a discount of $1.08 per barrel to Thailand's PTT. It also awarded a Qatar Land cargo to Indian refiner Reliance RELI.NS, they said.

Investors are closely watching the developments in Iran.

Oil prices fell more than 3% on Thursday after U.S. President Donald Trump said killings of demonstrators in nationwide protests in Iran were stopping, tempering concerns over military action against Iran and supply disruptions. O/R

SINGAPORE CASH DEALS

Cash Dubai's premium to swaps rose 27 cents to -10 cents a barrel.

PRICES ($/BBL)

NEWS

President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain in the Organization of the Petroleum Exporting Countries, or OPEC, but added he was unsure if that would be a better situation for the United States.

China's oil imports from Venezuela are expected to slump starting from February as fewer tankers have managed to leave for Caracas' top crude buyer after the U.S. claimed control of the OPEC producer, traders and analysts said.

U.S. crude and gasoline inventories both rose more than expected last week, the Energy Information Administration said on Wednesday, as refining activity and imports jumped.

Formosa Petrochemical Corp (FPCC), Taiwan's largest private refiner, will extend the shutdown of the oldest cracker at its Mailiao complex indefinitely, a company spokesperson said on Wednesday, as it reduces ethylene output due to weak margins.

For crude prices, oil product cracks and refining margins, please click on the RICs below.

(Reporting by Siyi Liu in Singapore; Editing by Vijay Kishore)

((siyi.liu@thomsonreuters.com;))

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