Colombia's Ecopetrol says to keep using WTI index

BOGOTA, Nov 5 (Reuters) - Colombia's state oil company Ecopetrol said on Thursday it will keep using West Texas Intermediate crude as the basis for their crude pricing, but has not dismissed using another index in exceptional cases.

Ecopetrol's ECO.CN(EC.N) remarks came after Saudi Arabia abandoned the WTI crude oil as its pricing formula for U.S. customers amid frustration over the differences between the U.S. benchmark and market conditions on the U.S. Gulf Coast.

"Ecopetrol will keep using the WTI," a company spokesman said. "It doesn't discount for some specific commercial reasons, depending on the market, climate or buyer and in exceptional cases, using other references."

The switch by Saudi Arabia to use Argus prices is a coup for the London-based company, which competes with McGraw-Hill Companies Inc's (MHP.N) Platts unit in providing price assessments in physical energy markets.

Analysts say the Saudi decision is a step to realign the world oil market amid frustration with WTI, which has at times moved out of step with oil trade flows due to storage and pipeline capacity constraints at its hub in Oklahoma.

(Reporting by Javier Mozzo; writing by Patrick Markey in Bogota; Editing by David Gregorio)