Qatar Revamping Its Oil Pricing Mechanism

Earlier this week, Qatar announced a major revamp of its crude pricing formula. It has set the official selling prices (OSPs) that reference benchmark Platts Oman and Dubai assessments.

The newly-announced OSP for term supplies of Qatar Marine and Qatar Land crude grades by State-owned Qatar Petroleum will be applicable from March. This is the first time the Middle East producer has set OSPs prior to cargoes loading. Saudi Arabia and....