ICIS, a market information provider, is licensing its crude oil BFOE benchmark data to the ICE Futures Europe to be used in the compilation of the ICE Brent Index.
The ICE Brent Index is published by ICE Futures Europe on a daily basis at 12:00 noon London time and is used to create the final cash settlement price for ICE Brent futures at expiry.
Christopher Flook, managing director of ICIS, said, “We have been covering global crude oil markets for over 30 years, and are pleased to provide trusted benchmark data to the world's largest crude oil exchange.”
ICIS BFOE assessments are compiled daily by a global team of crude oil reporters operating from London, Houston, and Singapore offices. The ICIS BFOE assessments are audited annually against the IOSCO Principles for Oil PRAs. The last such audit took place in September 2014.
ICIS, a division of Reed Business Information, part of Reed Elsevier Plc, has been reporting on oil markets for over 30 years through the London Oil Reports (LOR) brand.