Qatar Petroleum (QP) has sold three shipments of Shaheen crude oil for January loading at the lowest average premium in eight months of $0.34 a barrel to Dubai quotes, trade sources told Reuters on November 14.

Multi-month drops in spot differentials for Middle east grade are caused by high supplies due to US waivers from sanctions on Iran granted to Asian buyers, while other Middle Eastern suppliers increased production.

QP sold the cargoes to Chinaoil, Shell, and JX Nippon at a range of premiums between $0.10 and $0.55 a barrel, the sources said.

QP also set the term price for January-loading al-Shaheen crude at a premium of $0.51 a barrel.