Rabigh, 9 November 2009 

Saudi Aramco said on Sunday its decision to adopt the Argus Sour Crude Index (ASCI) was due to "wild" variations in the barrels traded on the U.S. Gulf Coast and those priced off WTI. 

"We were finding every month there were wild variations between the sour crudes that were traded on the spot market for lifting in the U.S. Gulf Coast ... and the NYMEX or WTI priced (cargoes) at Cushing, Oklahoma," Aramco's Chief Executive Khalid al-Falih told Reuters on the sidelines of an inauguration event.

"We wanted to make sure our crudes were being priced off a marker that was representing similar characteristics in terms of sulphur content, gravity as well as the same geography which is the U.S. Gulf Coast."

Ends --

Source: Thomson Reuters