Qatar joins Gulf producers in oil-price formula overhaul
The days of using arcane ways to price oil are disappearing as more Middle Eastern producers ditch traditional selling methods.Qatar Petroleum is set to join most of its Persian Gulf counterparts and price its crude before loading instead of afterward from next year, according to people familiar with the plans. That comes a couple of months after reports that Abu Dhabi National Oil Co. plans to list its flagship Murban crude as a futures contract in 2020.Qatar and Abu Dhabi are the last two major Middle Eastern producers that still price their crude retroactively, with Saudi Arabia, Iraq, Iran and Oman all using forward pricing. Oil buyers have long grumbled about not knowing the price until a month after the shipment has loaded, making it .....