OSP

Many state-owned oil companies price crude sales to long-term customers using an Official Selling Price (OSP) for each major crude oil stream sold. OSPs are typically determined after a monthly meeting. OSPs are then typically circulated to term customers. OSPs are generally only sent to registered lifters, joint venture partners, major trading exchanges, and in some instances, news agencies like Platts. Some National Oil Companies publish different OSPs for crude oil earmarked for ultimate use in different regions of the world.