Saudi Aramco's OSP, or Official Selling Price, refers to the price at which Saudi Aramco, the national oil company of Saudi Arabia, sells its crude oil to its customers.
- The OSP is announced monthly, usually sometime around the 5th of the month.
- Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.
- Saudi Aramco's OSP serves as a benchmark for pricing crude oil in the Middle East and is closely watched. Aramco's pricing strategy can have a significant impact on global oil prices, as Saudi Arabia is the world's largest oil exporter.
Survey expectations are showing that Aramco is likely to reduce the official selling price (OSP) for its medium sour crude by about 40 cents a barrel in June. The previous 3 months have shown price increases.
Something for oil folks to keep an eye on.
Meanwhile, after its earlier plunge in thin trading oil is higher:
