What is meant by Dated Brent?

The term “Dated Brent” refers to physical cargoes of crude oil in the North Sea that have been assigned specific delivery dates. Price indicators from the Brent Complex are increasingly used as a reference for measuring the value of crude oils all around the world, and often of global economic health itself.

What does OSP mean in oil?

official selling price
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.

What is the difference between Brent and Dated Brent?

The Brent Complex fosters commercial transactions of Brent crude oil, gathers price data those transactions (in forwards, CFDs, and Dated Brent), establishes reference prices for other global oil trade transactions (in Dated Brent assessed prices, Dated BFOET assessed prices, forward traded prices, and futures traded …

How is crude oil price determined?

The price of crude oil like any commodity is generally based on the balance between supply and demand. There are certain factors which can have an impact on this balance.

What does Brent mean in oil?

Brent is the name given to a relatively light crude oil made from a blend of crudes from 19 oil fields in the North Sea. Brent Crude is one of the three main benchmarks for crude oil prices per barrel, along with West Texas Intermediate (WTI) from North America and Dubai Crude from the Persian Gulf.

What is forward Dated Brent?

Dated Brent (which reflects crude oil to be delivered in the short term, over the period 10 days to one month ahead)3 and Forward Brent (which reflects crude oil to be delivered further forward in time, up to four months ahead) are two key components of the Brent complex.

What is OSP oil price?

An official selling price is an announced price, typically for crude oil, that is offered to all buyers in the market for a set period of time (usually a calendar month). OSPs are typically set using a formula or differential to market benchmarks.

How is Saudi OSP calculated?

The Official Selling Price (OSP) for any particular Middle East export crude oil is simply the sum of the reference crude price and the announced monthly offset for given regional destinations, as explained above.

What is the delivery period for dated Brent crude oil?

10 days to
Dated Brent (which reflects crude oil to be delivered in the short term, over the period 10 days to one month ahead)3 and Forward Brent (which reflects crude oil to be delivered further forward in time, up to four months ahead) are two key components of the Brent complex.

Where is Brent oil produced?

North Sea
Brent Crude is produced in the North Sea part of the Atlantic Ocean. The Brent oil fields are located between Norway and Shetlands in Europe.