OREANDA-NEWS. Opec started using Argus as its energy price data provider on 1 January. Opec is using Argus prices as the external, independent price reference for evaluation, analysis and reporting. The Opec reference basket price, which values crude produced by member countries, will be based on Argus assessments. Opec, which accounts for 40pc of world oil production, was founded in 1960 and comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela. The IEA switched to Argus price data in 2012, and governments changing to Argus prices include Chile in 2014 and Ecuador, Colombia and Portugal last year.