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Aramco switches from WTI benchmark

11/09/2009
By Sam Fletcher
Starting with its January sales program, Saudi Aramco, national oil company of Saudi Arabia, will switch from West Texas Intermediate to an index of Gulf Coast sour crudes as the benchmark for pricing its oil for sale in the US market.Aramco will use Argus Media Ltd.'s Argus Sour Crude Index (ASCI) in pricing its Extra Light, Arab Light, Arab Medium, and Arab Heavy crudes, which are heavier and have higher sulfur content than WTI. That index, launched in May, uses the volume-weighted average of daily spot sales of the Mars, Poseidon, and Southern Green Canyon crudes.Aramco's move is "more of an evolutionary smoothing out of distortions, rather than…a dramatic change in the dyn...
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