[S-OIL Concall] "Q3 Average OSP Negative"
[Asia Economy Reporter Hwang Yoon-joo] S-OIL announced on the 24th that "the average price of Saudi Arabia's Official Selling Price (OSP) for crude oil in March is still negative."
OSP refers to the premium that Saudi Arabia adds to the international oil price when exporting crude oil to the Asian region. When international oil prices plummeted in the first quarter, Saudi Arabia temporarily lowered the OSP to maintain market share, but recently raised it again.
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An S-OIL official explained during the second-quarter earnings conference call, "The OSP for shipments in June is -$5, and from shipments in July, it will rise to around -$0.2 to $1," adding, "Although the overall average is still negative, it is higher than the second quarter but will remain lower than usual years."
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