Dubai Mercantile Exchange, the premier international energy futures and commodities exchange in the Middle East, ended its latest public auction on Wednesday 20 September 2017, in behalf of Iraq's National Oil Company, SOMO.

Today's 2-million cargo of Basrah Light was awarded at a premium of $0.13 each barrel over the November Basrah Light Authorities Asking price (OSP). 20 companies took part in the public auction with 14 bids obtained during the two-minute public auction.

DME has now hosted 13 auctions on its platform since January 2016, with a total amount of 21.6 million barrels sold, generating premiums completing $13.7 million. Four different crude grades have actually been marketed using the platform consisting of Oman petroleum mix, Basrah Light, Basrah Heavy and Malaysian Kimanis.

Ahmad Sharaf, Chairman, DME said: "DME auctions permits sellers to access a large swimming pool of potential purchasers and just what would certainly take lots of hours of telephone call can currently be accomplished during a two-minute auction period."

Greater than 60 companies from around the globe are signed up to take part in DME public auctions.

" The success of DME auctions underlines the requirement for rate exploration systems in the region and greater openness. It has actually enabled nationwide oil firms to analyze their regular monthly main market price and adjust it to locate fair value for national sources,' included Sharaf.

Additionally, DME is servicing a reverse public auction, where buyers could procure assets to fulfill domestic demand.