SINGAPORE: Qatar Energy has sold al-Shaheen crude loading in February at the lowest premiums in 3 months, trade sources said on Thursday.

The Qatari crude is the latest among Middle East grades to post sharp monthly drop in its spot premiums as supplies to Asia are improving with rising arbitrage flows from the Atlantic Basin, and as the Organization of the Petroleum Exporting Countries and their allies, or OPEC+, agreed to continue ramping up output by 400,000 barrels per day in January.

The four al-Shaheen crude cargoes were sold at premiums averaging at $1.57 a barrel to Dubai quotes, the sources said, down from $3.45 a barrel for January-loading cargoes traded last month.

China's Hengli Petrochemical bought three of them while Japan's top refiner Eneos purchased one, they said. The cargoes will load on Feb. 1-2, 15-16, 25 and 26-27.

Following the tender, Qatar Energy has set the term price for February supplies of the grade at a premium of $1.62 a barrel, the sources said, down from $3.68 a barrel in the previous month.

Spot premiums for February-loading cargoes are the lowest since November-loading cargoes were traded, according to Reuters data.