RIYADH: Aramco Trading Company (ATC), the oil trading unit of Saudi Aramco, will begin providing prices to S&P Global Platts’ Asian market-on-close oil-price assessment process, Platts said in statement on its website.
Platts has reviewed the request and will consider information from the company in the crude cargo assessment for Asia, it said.
Some industry players have raised concerns about a potential conflict of interest because ATC is owned by Saudi Aramco, which uses the Platts Dubai crude market structure to set monthly prices for millions of barrels of Saudi crude sold in Asia, Reuters reported.
Platts uses the market-on-close process to collates bids, offers and trades for various physical crude grades, enabling it to calculate and publish prices for them.
