FAQs

1. Global Crude Oil OSPs(Latest Update: January 2012)
What is an OSP? 2
What does an OSP premium (or discount) signify? 2
When is each OSP published? 2
Crude Oil OSPs 3
FREQUENTLY ASKED QUESTIONS
[OIL ]

2. Frequently asked questions Global crude oil Osps
2January 2012
FrequenTly Asked Questions:
GLOBAL Crude Oil OSPs
What is an 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.
What does an OSP premium (or discount) signify?
Producers typically price their crude using price markers generated from spot
market activity, like Dubai and Oman for Middle Eastern crude exports shipped
to Asia, and Brent for crude oils shipped to Europe. Where this is the case,
OSPs are normally announced on the basis of a differential (either premium or
discount) to a monthly average for the relevant price markers. The differential
typically captures the difference in quality, and therefore value, between the
crude oil being priced and the spot market reference being used. It might also
reflect market dynamics like the balance between supply and demand, the
difference between the loading period and the period of time reflected in spot
market assessments, or differences in regional market conditions.
When is each OSP published?
OSPs are published at different times through the month. The table below shows
when producers are likely to issue the OSPs every month, and the respective
pages on Platts Global Alert where the OSPs can be located. The monthly
value of an OSP is derived from the monthly averages of the component parts
plus any applicable differentials (this is not necessarily an average of the daily
assessments through the corresponding month).

3. Frequently asked questions Global crude oil Osps
3January 2012
CrudeOilOSPs
OSPApproximate
publication
date
Monthof
publication
relativeto
monthof
loading(M)
Pricing
period
relative
tomonth
ofloading
(M)
ReferencedBenchmarkPGACrudeOil
grades
OilCompanyNotes
AbuDhabi1stM+1M-2PlattsDubai1051LowerZakumAbuDhabiNationalOilCo(ADNOC)Pricesarereleasedasoutrightprices
Murban
UmmShaif
UpperZakum
Algeria20thM-1MPlattsDatedBrent1052Saharan
Blend
Sonatrach
Brunei20thM+1N/AN/A1053BebatikBruneiShellPetroleumPricesarereleasedasoutrightprices
BruneiLight
Champion
Manis
SeriaLight
Dubai25thM-3M-2DMEOman1054DubaiDeptofPetroleumAffairs
Egypt15thMMPlattsDatedBrent1055BelayimEgyptianGeneralPetroleumCorp
GulfofSuez
RasalBahar
RasBudran
RasGharib
WestDesert
ZeitBay
Indonesia1stM+1MMinas1056ArdjunaBPMigasTheOSPforMinasisreleasedasadifferentialtothemeanoftheRIMand
PlattspublishedMinasspotassessment.OSPsfortheotherIndonesian
gradesareatadifferentialtotheMinasOSP.
Attaka
Belida
Cinta
Duri
Handil
Lalang
Minas
Senipah
Walio
Widuri
Iran(Asia)10thM-1M-2PlattsOman,PlattsDubai1057ForozanNationalIranianOilCo(NIOC)
IranianHeavy
IranianLight
IranianHeavyOSPSoroosh
Norooz
Iran(Europe)10thM-1MICEBWAVE1058ForozanThereferencedbenchmarkistheBrentWeightedAverageaspublishedby
theIntercontinentalExchange
IranianHeavy
IranianLight
Iraq(Asia)10thM-1M-2PlattsOman,PlattsDubai1059BasrahStateOilMarketingOrganization
(SOMO)
Iraq(Europe)10thM-1MPlattsDatedBrent1059Basrah
Kirkuk
Iraq(USA)10thM-1MPlattsMarsBasrahIraqicrudeoilreferencestheASCImarkeraspublishedbyArgus.Platts
publishestheoutrightpriceversusitsownMarsassessment.Basrahcrude
oilreferencestheMars(Month2)pricethroughthecorrespondingmonth
ofloading.
KirkukIraqicrudeoilreferencestheASCImarkeraspublishedbyArgus.Platts
publishestheoutrightpriceversusitsownMarsassessment.Kirkukcrude
oilreferencestheMars(Month1)priceaspublishedbyPlattsthroughthe
correspondingmonthofloading

4. Frequently asked questions Global crude oil Osps
4January 2012
Kuwait10thM-1M-2PlattsOman,PlattsDubai1060KuwaitKuwait
Libya20thM-1MPlattsDatedBrent1061AbuAttifelNationalOilCorporation(NOC)
Amna
Brega
EsSider
Mellitah
Sarir
Sharara
Sirtica
Zueitina
PlattsUralsMediterranean1061AlJurf
Bouri
Malaysia10thMMPlattsDatedBrent1062B.CondensatePetronas
Bintulu
Dulang
Labuan
Miri
Tapis
Mexico
(Americas)
1stMMPlattsWestTexasSour(WTS),Platts
LightLousianaSweet(LLS),Platts
DatedBrent
1064IsthmusPemexpublishesafactor(K)whichisanadjustmentfactortoaformula
derivedfromabasketofPlattsassessments.Theformulais0.4(WTS+LLS)+
0.2(DatedBrent)
1stMMPlattsWestTexasSour(WTS),Platts
USGCfueloil3%waterborne(FOB),
PlattsLightLousisianaSweet(LLS),
PlattsDatedBrent
1064MayaPemexPemexpublishesafactor(K)whichisanadjustmentfactortoaformula
derivedfromabasketofPlattsassessments.Theformulais0.4(WTS+USGC
FO3%)+0.1(LLS+DatedBrent)
PlattsWestTexasSour(WTS),Platts
LightLousianaSweet(LLS),Platts
DatedBrent
1064OlmecaPemexpublishesafactor(K)whichisanadjustmentfactortoa
formuladerivedfromabasketofPlattsassessments.Theformulais
0.333(WTS+LLS+DatedBrent)
Mexico(Europe)1stMMPlattsDatedBrent,Platts3.5%fueloil
CIFNWEcargo,Platts1%fueloilCIF
NWEcargo
1064IsthmusPemexpublishesafactor(K)whichisanadjustmentfactortoaformula
derivedfromabasketofPlattsassessments.Theformulais0.887(Dated
Brent)+0.113(3.5%fueloilCIFNWEcargo)+0.16(1%fueloilCIFNWE
cargo-3.5%fueloilCIFNWEcargo)
1stMMPlattsDatedBrent,Platts3.5%fueloil
CIFNWEcargo,Platts1%fueloilCIF
NWEcargo
1064MayaPemexpublishesafactor(K)whichisanadjustmentfactortoaformula
derivedfromabasketofPlattsassessments.Theformulais0.527(Dated
Brent)+0.467(3.5%fueloilCIFNWEcargo)+0.25(1%fueloilCIFNWE
cargo-3.5%fueloilCIFNWEcargo)
Mexico(Asia)1stMMPlattsOman,PlattsDubai1064Isthmus
Maya
Nigeria20thM-1MPlattsDatedBrent1065AboLightNigerianNationalPetroleumCorp
(NNPC)
ThepricingperiodisflexiblesubjecttoanothersetofOSPdifferentials.
Agbami
Akpo
Amenam
Antan
Bonga
BonnyLight
BrassBlend
EABlend
Erha
CrudeOilOSPs
OSPApproximate
publication
date
Monthof
publication
relativeto
monthof
loading(M)
Pricing
period
relative
tomonth
ofloading
(M)
ReferencedBenchmarkPGACrudeOil
grades
OilCompanyNotes

5. Frequently asked questions Global crude oil Osps
5January 2012
Escravos
Forcados
Ima
Obe
Okono
Okoro
Okwori
Oso
Pennington
QuaIboe
Ukpokiti
YohoLight
Zafiro
Oman30thM-3M-2DMEOman1066OmanOman'soilministry
Qatar1stM+1M-2PlattsDubai,PlattsOman1067QatarLandPricesarereleasedasoutrightprices
QatarMarinePricesarereleasedasoutrightprices
SaudiArabia
(Asia)
1stM-1M-2PlattsOman,PlattsDubai1068ArabHeavySaudiAramco
ArabLight
ArabMedium
ExtraLight
SuperLight
SaudiArabia
(Europe–NWE)
1stM-1MICEBWAVE1069ArabHeavyThereferencedbenchmarkistheBrentWeightedAverageaspublishedby
theIntercontinentalExchange
ArabLight
ArabMedium
ExtraLight
SaudiArabia
(Europe–FOB
SidiKerir)
1stM-1MICEBWAVE1069ArabHeavy
ArabLight
ArabMedium
ExtraLight
SaudiArabia
(Europe–
Mediterranean)
1stM-1MICEBWAVE1069ArabHeavy
ArabLight
ArabMedium
ExtraLight
SaudiArabia
(NorthAmerica)
1stM-1MPlattsMars1070ArabHeavySaudiArabiancrudeoilreferencestheASCImarkeraspublishedbyArgus.
PlattspublishestheoutrightpriceversusitsownMarsassessment.The
outrightpricepublishedreferencestheMars(Month1)pricethroughthe
correspondingmonthofloading.
ArabLight
ArabMedium
ExtraLight
Syria20thM-1MPlattsDatedBrent1071SyrianHeavySytrol
Yemen10thM-2MPlattsDatedBrent1072MaribLightYemenHighMinisterialCommitteefor
CrudeOilMarketing
Masila
CrudeOilOSPs
OSPApproximate
publication
date
Monthof
publication
relativeto
monthof
loading(M)
Pricing
period
relative
tomonth
ofloading
(M)
ReferencedBenchmarkPGACrudeOil
grades
OilCompanyNotes