Oil Price Information Service (OPIS), an internationally referenced price reporting agency serving the oil, natural gas and biofuels industries, is pleased to announce that it has successfully completed an independent audit carried out on its oil price reporting business which includes its benchmarked U.S. Natural Gas Liquids and U.S. West Coast Refined Spots methodologies.
Under voluntary Principles for Oil Price Reporting Agencies set forth by the International Organization of Securities Commissions (IOSCO), OPIS’s spot price discovery procedures and policies are now required to undergo an annual independent, third party audit.
Our report therefore includes OPIS’s response to the IOSCO principles describing its processes and polices governing its assessment of benchmark crude oil prices. This is accompanied by the findings of PricewaterhouseCoopers LLP (PwC) who have independently reviewed this response.
“Today’s announcement regarding OPIS’s response to the IOSCO principles is further indication of its commitment to provide transparency within the market regarding its vital spot price discovery,” said Robert Gough, Director of Content for OPIS.
IOSCO finalized its Principles for Oil Reporting Agencies in October 2012 that govern the quality, integrity and customer response policies of oil commodity spot market coverage.
Details of OPIS’s spot methodologies including the OPIS Spot Price Customer Bill of Rights and OPIS’s adherence to the IOSCO Principles may be found here (http://www.opisnet.com/about/methodology.aspx). OPIS’s IOSCO audit results may be found here (http://notices.opisnet.com).