Saudi Aramco switches to Argus Sour Crude Index
Saudi Arabia’s national oil company Saudi Aramco is to use the Argus Sour Crude Index (ASCI) published by Argus Media as the benchmark price for all grades of crude oil sold to US customers from January 2010.
Saudi Aramco has used WTI crude prices published by McGraw Hill’s Platts as the benchmark for crude sales to the US since 1994.
“Argus creates volume-weighted averages of the entire day’s physical market trading to create the ASCI,” says Adrian Binks, Argus Media’s chairman and chief executive. “This clearly is the most transparent and robust method available for such active markets.”
Argus Media launched ASCI in May to represent the daily value of US Gulf coast medium sour crude, based on
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