Opec adopts Argus prices

The Organisation of the Petroleum Exporting Countries (Opec) has switched to Argus as its energy price data provider from 1 January 2016. Opec will use Argus prices as the external, independent price reference for evaluation, analysis and reporting. The Opec reference basket price, which values crude produced by member countries, will be based on Argus assessments.

The 13 members of Opec account for 40pc of world oil production. The organisation was founded in 1960 and is made up of Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.

Argus Media chairman and publisher Adrian Binks said: “We are pleased that Opec has decided to move to Argus as its exclusive supplier of price data across all energy markets. This is a sign of confidence in the quality of our price reporting. More companies are switching to Argus all the time, and we welcome them as valued customers.”

The International Energy Agency switched to Argus price data in 2012, and governments changing to Argus prices include Chile in 2014 and Ecuador, Colombia and Portugal in 2015.