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Aramco to switch price benchmark for US deliveries
- Saudi Arabia: Thursday, October 29 - 2009 at 11:00
Saudi Aramco announced it will begin using the Argus Sour Crude Index (ASCI) published by Argus Media as the benchmark price for all grades of crude oil sold to US customers. The ASCI was launched in May this year to represent the daily value of US Gulf coast medium sour crude, based on physical spot market transactions. Saudi Aramco had used WTI crude prices published by McGraw Hill's Platts as the benchmark for crude sales to the US since 1994. The new policy will be in effect for January sales to the US, the company said in a statement.
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StaffThursday, October 29 - 2009 at 11:00 UAE local time (GMT+4)
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