LONDON, Sept. 7, 2017 /PRNewswire/ -- The Norwegian Ministry of Petroleum and Energy (MPE) has selected commodity consulting and price reporting agency Argus as its service provider for oil market monitoring and analysis from 1 July 2017, for a period of three years. The MPE will use Argus services to assist and support the Petroleum Price Board in setting quarterly tax reference prices for Norwegian crudes, also known as the norm prices. Norway is western Europe's largest crude producer, supplying refiners throughout northwest Europe and beyond.
MPE deputy director general Morten Anker said: "Argus offers a team with a solid background in, and knowledge of, both the crude and the refined products markets. It has a broad network of researchers and market connections, and follows both the physical and the paper markets closely."
Argus Media chairman and chief executive Adrian Binks said: "It is a great honour and responsibility that the Norwegian government has chosen Argus as the oil market adviser to the Petroleum Price Board. This is a testament to the quality of our market reporting and depth of oil industry expertise within the organisation. We look forward to supporting the MPE in this critical role over the next three years."
The Organisation of the Petroleum Exporting Countries (Opec) selected Argus as its price data provider in January 2016. Other governments that have chosen Argus prices include Peru in July 2017, and Mexico, Moldova and Russia in 2016.
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About Argus Media
Argus is an independent media organisation with more than 850 staff. It is headquartered in London and has 21 offices in the world's principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets, and offers bespoke consulting services and industry-leading conferences.
Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.
Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders and global growth equity firm General Atlantic.
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SOURCE Argus Media
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