TheArgus Sour Crude Index (ASCI) is a pricing tool used by buyers, sellers and traders of importedcrude oil for use in long-term contracts.
TheASCI methodology[1] creates a single daily volume-weighted average price index of aggregate deals done for three component crude grades as if they were one grade of crude oil.
The three crude oil grade components are Mars, Poseidon, and Southern Green Canyon.
Thus the dailyASCI price published byArgus Media Ltd represents the value of US Gulf coast medium sour crude oil.
The Argus Sour Crude Index (“ASCI”) has been adopted as the benchmark price for sales of crude oil by Saudi Aramco (in 2009),[2] Kuwait (in 2009)[3] and Iraq (in 2010).[4][5]
Contracts based upon ASCI are listed on the world's two largest oil exchanges, the CME GroupNew York Mercantile Exchange (NYMEX) and theIntercontinental Exchange (ICE).[6]
