OPEC

Ecuador Cuts OSP, Introduces New Pricing Formula 

Following last week's Geneva OPEC conference, at which it was decided to cut the price of medium crudes by 20 cents/barrel (MEES, 29 July), the Ecuadorian state oil company Cepe has informed its customers that the official sales price (OSP) of its 30° API Oriente crude will be reduced by 35 cents/B, from $26.50/B to $26.15/B, effective 1 August. (Earlier this year, effective 1 February, the price of Oriente was cut from...