A turning point for crude oil indexes
In the year since major producers in Saudi Arabia and Kuwait adopted the Argus sour crude index (ASCI) as a pricing benchmark for their imports into the US, Alex Davis examines the impact the new benchmark has had on global oil pricing mechanisms
The Argus Sour Crude Index (ASCI), a basket of prices for sour crude oil grades produced around the Gulf of Mexico, was launched last April by price reporting agency Argus Media amid what threatened to be an oil pricing revolt.
The rocketing West Texas Intermediate (WTI) futures contract price of $147/bbl in the summer of 2008, blamed by many on financial speculation, was followed by a record-breaking dislocation of WTI crude prices from the other established price benchmarks between December
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