OPEC to use Argus price data

The Organization of Petroleum Exporting Countries (OPEC) has adopted Argus as its official price data provider for all of its analysis and reporting as of Jan 1.

OPEC's choice follows a trend of other agencies and individual countries counting on Argus as their own standard. The International Energy Agency adopted Argus prices in 2012, Chile and Ecuador in 2014 and Columbia and Portugal this year.

"We are pleased that OPEC has decided to move to Argus as its exclusive supplier of price data across all energy markets," Argus Media Chairman and Publisher Adrian Binks said. "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."

OPEC member countries produce approximately 40 percent of the world's oil supply. Members include Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela.

Argus is an independent media company based in London that provides market reports, news and analysis.