Gaithersburg, MD, July 31, 2013 — Oil Price Information Service (OPIS), an independent price reporting agency based in Gaithersburg, Md., is pleased to be an original signatory to The Price Reporting Code for Independent Price Reporting Organizations (the IPRO Code), a set of voluntary principles that demonstrate OPIS’s ongoing commitment to transparency, objectivity and fairness in spot market price assessments.
Over the past 30 years, OPIS has gained a solid reputation of bringing integrity and clarity to spot market assessments for refined oil products, natural gas liquids, biofuels, feedstocks and bunker fuels for our customers worldwide. By signing and adopting the IPRO Code, OPIS codifies, formalizes and institutionalizes our long-standing practices that ensure we deliver spot price assessments that represent fair market value.
“As a proven provider of spot market information used by energy commodity suppliers and consumers around the world, OPIS recognizes that the IPRO Code is another important tool for assuring the marketplace that we’ll maintain the highest standards for editorial excellence,” said Brian Crotty, Chief Executive Officer of OPIS.
It is important to note the IPRO Code is just the framework of a much broader and more robust compliance strategy OPIS has agreed to as part of the voluntary Principles for Oil Price Reporting Agencies constructed by the International Organization of Securities Commissions (IOSCO).