The Argus Sour Crude Index (ASCI) is a pricing tool used by buyers, sellers and traders of imported crude oil for use in long-term contracts.
The ASCI methodology creates a single daily volume-weighted average price index of aggregate deals done for three component crude grades as if they were one grade of crude oil.
The three crude oil grade components are; Mars, Poseidon and Southern Green Canyon.
Thus the daily ASCI price published by Argus Media Ltd represents the value of US Gulf coast medium sour crude oil.
The Argus Sour Crude Index (“ASCI”) has been adopted as the benchmark price for sales of crude oil by Saudi Aramco (in 2009), Kuwait (in 2009) and Iraq (in 2010).
Contracts based upon ASCI are listed on the world's two largest oil exchanges, the CME Group New York Mercantile Exchange (NYMEX) and the IntercontinentalExchange (ICE).
- ^ Argus Sour Crude Index - Methodology and specifications guide
- ^ Bloomberg - Saudi Aramco to Use Sour Oil Index as U.S. Benchmark, Drop WTI,
- ^ Reuters - Kuwait to price U.S. oil cargoes on ASCI
- ^ Bloomberg - Iraq Will Use Argus Crude Price Formula From April
- ^ Reuters - Iraq to switch to ASCI from U.S. crude futures
- ^ Reuters - ICE to launch Argus sour crude futures contracts