LONDON, Jan. 6, 2016 /PRNewswire/ -- 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.
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About Argus Media
Argus is an independent media organisation with 750 full time staff. It is headquartered in London and has offices in each of the world's principal commodity centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.
Half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and a compliance and ethics policy that align with best journalistic practice, including the avoidance of conflicts of interest.
Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.
Argus has 20 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the commodity industries. Argus was founded in 1970 and is a privately held UK-registered company. ARGUS, the ARGUS logo, ARGUS MEDIA, ARGUS DIRECT, ARGUS OPEN MARKETS, AOM, FMB, DEWITT, JIM JORDAN & ASSOCIATES, JJ&A, FUNDALYTICS, METAL-PAGES, METALPRICES.COM, Argus publication titles and Argus index names are trademarks of Argus Media Limited.
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SOURCE Argus Media