Business analytics and insight company IHS has signed an agreement to acquire Oil Price Information Service, a pricing reporting agency that serves the oil, natural gas and biofuels industries, for $650 million.

OPIS will provide IHS with a source for U.S. refined petroleum pricing data, news and analytics and diversity the IHS Energy portfolio, according to the company.

“The acquisition of OPIS represents a new area of business for IHS and gives IHS visibility across the entire petroleum value chain, from wellhead to consumer,” said Jerre Stead, IHS chairman and chief executive officer.

OPIS began covering petroleum news in 1977 with the launch of the Oil Express Newsletter and now maintains a comprehensive database of U.S. wholesale petroleum prices.

“From this new platform, IHS will bring additional value to our customers by layering new insight on top of our current product offerings,” said Stead. “We also will add commodity coverage areas and expand further outside of OPIS’s core U.S. market.”

Originally posted on Trucking Info