An Official Selling Price (OSP) for crude oil is offered to all buyers in the market using a formula or differential to market benchmarks at which comparable crude oil or condensate of similar quality could be sold on similar terms at similar times by parties. Many state-owned oil companies (NOCs) price crude oil sales to long-term customers using an official selling price (OSP) for each of their major crude streams. These OSPs are typically set by each oil company on a monthly basis after an official meeting and then circulated to long-term customers.
Related Definitions in the Project: The Commercial Definitions
