Argus Launches Northeast Asian and Indian Group 3 Base Oils Price Assessments
SINGAPORE, June 6, 2011 /PRNewswire/ — Global energy price reporting agency Argus has launched assessments for northeast Asian and Indian Group 3 base oil prices.
With these assessments, Argus now publishes Group 3 prices for all the key global markets. The new assessments follow Argus’ launch of European Group 3 base oil prices in May 2010 and US Group 3 prices in January 2011.
The global price coverage coincides with surging demand for high-quality base oil feedstock in the US and Europe, and emerging markets such as China, in response to increasingly stringent engine oil specifications to boost fuel efficiency and engine cleanliness.
Group 3 base oil supply is forecast to rise following the expected start-up of export-oriented production facilities in Bahrain and Qatar later this year. Output from these plants will add to production from existing Group 3 base oil facilities, which are mainly in Asia-Pacific.
With the main supply and consumption centres sited in different parts of the world, a reliable pricing infrastructure will help support the growing international trade in Group 3 base oils.
“These new assessments mean Argus now provides global coverage for Group 3 base oil prices,” Argus chairman and chief executive Adrian Binks said. “We are pleased to be the first to provide such comprehensive price coverage for all the key markets and to provide the pricing infrastructure in a market facing enormous fundamental changes over the coming months.”
The new prices are published weekly in Argus Base Oils, a global report covering base oil prices in key markets around the world.
About Argus Media
Argus is a leading provider of price assessments, business intelligence and market data on the global crude and products, natural gas, coal, electricity, emissions and transport industries. It is headquartered in London and has offices in Houston, Washington, New York, Portland, Johannesburg, Dubai, Singapore, Tokyo, Beijing, Sydney, Moscow, Astana, Kiev, Santiago and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company. Learn more at www.argusmedia.com.
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SOURCE Argus Media