OPIS Successfully Completes Benchmark Assurance Review For Natural Gas Liquids, Refined and Renewable Products

Gaithersburg, MD (October 12, 2017) -- Oil Price Information Service (OPIS) by IHS Markit (Nasdaq: INFO), an internationally-referenced price reporting agency serving the oil, natural gas and biofuels industries, is pleased to announce that it has completed its fifth annual independent assurance review of its benchmarked fuel prices, including U.S. Natural Gas Liquids, U.S. West Coast Refined Spots, U.S. Midwest Refined Spots, Asia LPG, Europe Distillates, Europe LPG and U.S. Renewables methodologies.

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 2017 report includes our response to the IOSCO Principles describing its policies, processes and control activities governing its assessment of in-scope oil and non-oil benchmarks. 

The report includes the findings of PricewaterhouseCoopers LLP (PwC), who independently reviewed this response. 

OPIS has now brought further exchange-referenced and industry-endorsed refined products benchmarks into scope including:

  • Asia Naphtha
  • OPIS450 Jet
  • OPIS450 DMA (Diesel Marine Oil)
  • CCAs (California Carbon Allowances)
  • California LCFS (Low Carbon Fuel Standard) credits
  • Mt. Belvieu NGL Basket (Non-TET) and
  • Feedstocks – VGOs (Vacuum Gas Oils)

These new in-scope market assessments demonstrate the OPIS commitment to provide increased price transparency in the downstream energy market. 

“OPIS is proud to have successfully completed its fifth and most ambitious IOSCO assurance review,” said Robert Gough, vice president of content for OPIS. 

“Our history of successful reviews proves our ongoing commitment to accuracy, integrity and transparency. 

It also highlights our expanding offering of exchange-traded and industry-referenced Asia, Europe, clean fuel regulatory commodity and feedstocks pricing indices.”

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

The IOSCO Principles for Oil Price Reporting Agencies are available here (https://www.iosco.org/library/pubdocs/pdf/IOSCOPD391.pdf)

Details of OPIS’s spot methodologies including the OPIS Spot Price Customer Bill of Rights and OPIS adherence to the IOSCO Principles are available here (https://www.opisnet.com/about/methodology.aspx).

The full OPIS report including the annual independent assurance review is here. (https://notices.opisnet.com/IOSCO).