Middle Eastern countries:

International oil trade is organized either through the spot (cash) 

market or through long-term contracts, however, bilateral longterm contracts are the leading form of oil trading. For spot market 

transactions, the trading parties typically base the pricing of an 

oil delivery to a benchmark (marker) price with an agreed price 

dierential applied at the time the shipment is loaded. For longterm contracts, most oil exporting countries publish their ocial 

selling prices (OSP) on a monthly basis against their long term 

export contracts. The OSP could be either an absolute price for 

each crude stream (such as Oman), or a formula-based price 

consisting of a published premium or discount to a specied 

reference price (such as Saudi Arabia, Iran, Iraq, or Kuwait).

Of the two, the formula-based pricing is the mostly used in longterm oil contract transactions.

The principal oil pricing formula is P = A + D, where P refers to 

the settlement price for a delivery of crude oil, A the benchmark 

price, and D the premium or discount.

It is worth noting that benchmark (marker) crude price is not a 

traded price of certain crude stream at a specic time, but rather 

a reference price calculated by reference to a set of spot markets, 

a futures price, or a PRA’s index (such as MOPS or Means of Platts 

Singapore) prices during an agreed sampling period. For a list 

of pricing benchmarks used by major Middle East oil producers 

please see Appendix 5 of this document.

Russia:

The export price of Russian Urals crude oil is quoted as a oating 

price relative to Brent, the marker crude in the European market. 

Russia has listed Urals crude oil futures contracts for trading.

Some ESPO (Eastern Siberia–Pacic Ocean pipeline) Blend is traded 

through tender auctions, where producers will announce a tender 

notice, enlist the auction procedure and invite certain buyers to 

bid. Goods are sold to the hig

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