Former Duopoly Executives Set Up New Oil Price Reporting Agency
Two former executives from global oil and commodity price agencies Argus Media and the monopoly that you all love, have founded a new oil price reporting company that is aimed at traders and the entire energy industry.
Neil Bradford, the former managing director of Argus Media, and Jorge Montepeque, formerly with the Italian oil company Eni and director of market reporting the monopoly, cited for creating the “window” to view global OTC bids/offers.
The new agency, named General Index, will use financial technology extensively to provide market data to keep costs down, primarily by reducing the number of employees.
Both Argus and its larger rival have reporters that speak to traders in commodities markets daily to set prices. For oil, the data providers set the key date for the Brent benchmark and WTI, which trades over half of the world’s physical crude oil.
“It is hard to envision the current state of benchmark generation and publishing remaining in the same antiquated form for the next 10 years,” Jorge Montepeque told Reuters. “Systems always move on and we are planning to be the future.”