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
[Argus Sour Crude Index - Methodology and specifications guide](_blank)
/ref> 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.
Market adoption
The Argus Sour Crude Index (“ASCI”) has been adopted as the benchmark price for sales of crude oil by Saudi Aramco (in 2009),[Bloomberg - Saudi Aramco to Use Sour Oil Index as U.S. Benchmark, Drop WTI](_blank)
/ref> Kuwait (in 2009)[Reuters - Kuwait to price U.S. oil cargoes on ASCI](_blank)
/ref> and Iraq (in 2010).[Bloomberg - Iraq Will Use Argus Crude Price Formula From April](_blank)
/ref>[Reuters - Iraq to switch to ASCI from U.S. crude futures](_blank)
/ref>
Contracts based upon ASCI are listed on the world's two largest oil exchanges, the CME Group New York Mercantile Exchange
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. ...
(NYMEX) and the Intercontinental Exchange (ICE).[Reuters - ICE to launch Argus sour crude futures contracts](_blank)
/ref>
External links
Argus Sour Crude Index (“ASCI”) Official website of Argus Media
References
{{DEFAULTSORT:Argus Sour Crude Index (Asci)
Benchmark crude oils