LONDON, July 12, 2013 /PRNewswire/ -- Global energy and commodity price reporting agency Argus has launched assessments for European Group II base oils prices today. These are the first assessments in Europe for Group II base oils — the key component used to make high-end engine and industrial lubricants.
Demand for higher-quality base oils is rising globally in response to increasingly stringent fuel efficiency and vehicle emission requirements.
Global production of Group II base oils is surging in response, everywhere from Asia-Pacific to the Mideast Gulf and the US. Europe is the exception, with production still focused on Group I base oils. This makes Europe a key destination for Group II base oils originating from markets such as the US and Asia-Pacific.
"As markets move towards higher quality Group II base oils and international trade in the product grows, the importance of a reliable pricing infrastructure to support such changes increases," Argus Media chairman and chief executive Adrian Binks said. "We are pleased to be the first to provide European Group II base oils spot price assessments to facilitate this development."
The new prices are published weekly in Argus Base Oils, a global report covering base oils prices in key markets around the world.
About Argus Media
Argus is an independent media organisation with nearly 500 full-time staff. It is headquartered in London and has offices in each of the world's principal energy centres. Its main activities comprise publishing market reports containing price assessments, market commentary and news, and business intelligence reports that analyse market and industry trends.
More than half of Argus employees are commodity journalists who specialise in reporting news and price information relating to physical energy and related commodity markets. They operate according to a rigorous Editorial Code of Conduct and an Ethics Policy that align with best journalistic practice, including the avoidance of conflicts of interest.
Argus is a leading provider of data on prices and fundamentals, news, analysis, consultancy services and conferences for the global crude, oil products, natural gas, electricity, coal, emissions, bioenergy, fertilizer, petrochemical, metals and transportation industries. Data provided by Argus are widely used for indexation of physical trade. Companies, governments and international agencies use Argus information for analysis and planning purposes.
Argus has 19 offices globally, including London, Houston, Washington, New York, Calgary, Rio de Janeiro, Singapore, Dubai, Beijing, Tokyo, Sydney, Moscow, Astana and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company. Visit: www.argusmedia.com
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SOURCE Argus Media