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OPIS completes benchmark audit

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Hydrocarbon Engineering,

The Oil Price Information Service (OPIS) completes its fourth annual independent audit, regarding natural gas liquids, refined and renewable products.

The Oil Price Information Service (OPIS) – part of business information provider IHS Markit and an internationally referenced price reporting agency serving the oil, natural gas and biofuels industries – has completed its fourth annual independent audit. This audit was carried out on its oil price reporting business that includes its benchmarked US natural gas liquids, US West Coast refined spots, US Midwest refined spots, Europe LPG and US renewables methodologies.

Under voluntary principles for Oil Price Reporting Agencies (PRAs) set forth by the International Organisation of Securities Commissions (IOSCO), OPIS’ spot price discovery procedures and policies undergo an annual independent audit.

The 2016 report includes OPIS’ response to the IOSCO principles describing its policies, processes and control activities governing its assessment of in-scope oil and non-oil benchmarks. This is accompanied by the findings of PricewaterhouseCoopers LLP (PwC), who as part of the independent audit, have reviewed this response.

OPIS has now brought further exchange-referenced refined products benchmarks into scope including Group 3 X Grade ULSD and V Grade sub-octane gasoline, which demonstrates the commitment of OPIS to provide increased transparency within the market.

“Today’s announcement of our fourth annual successful IOSCO audit signifies our ongoing commitment to quality, reliability and transparency,” said Robert Gough, Vice President of content for OPIS. “It also marks our expanding offering of exchange-traded US Midwest refined products pricing indices.”

IOSCO finalised its principles for Oil Reporting Agencies in October 2012 that govern the quality, integrity and customer response policies of oil commodity spot market coverage.

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