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OPIS completes benchmark assurance review

Published by , Senior Editor
Hydrocarbon Engineering,

IHS Markit’s Oil Price Information Service (OPIS), an internationally-referenced price reporting agency serving the oil, natural gas and biofuels industries, has has completed the sixth annual independent assurance review of its price assessment fuel prices.

Under voluntary Principles for Oil Price Reporting Agencies (PRAs) set forth by the International Organization of Securities Commissions (IOSCO), OPIS spot price discovery procedures and policies undergo an annual independent assurance review. The review includes US natural gas, US NGL, US West Coast refined spots, US Midwest refined spots, Asia LPG, Europe distillates, Europe LPG and US renewables methodologies.

The 2018 report includes the response by OPIS to the IOSCO Principles describing its policies, processes and control activities and governing its assessment of in-scope oil and non-oil benchmarks. The report includes the findings of PricewaterhouseCoopers LLP (PwC), who independently reviewed the response.

OPIS has now brought further exchange-referenced and industry-endorsed refined products benchmarks into scope, including US natural gas, biomass-based Diesel D4 RINs, Midwest US Refined Products – Chicago CBOB, Chicago ULSD.

“The significant expansion of our IOSCO adherence assurance review demonstrates our commitment to quality price assessment and benchmark administration,” said Linda Herbert, Chief Operating Officer for OPIS. “Now in our sixth year of assurance, OPIS is proud of its objectivity, transparency and fairness. This report also highlights our expanding offering of exchange-traded and industry-referenced US Renewable Identification Number (RIN) pricing as well as our growing benchmark business in the Midwest US refined product and US natural gas markets.”

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

The full OPIS report is available here.

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