Dubai Mercantile Exchange (DME), the premier worldwide energy futures exchange in the Middle East, today reported that Kuwait Petroleum Corporation (KPC) will utilize the DME Oman Futures contract as a value reference for Kuwaiti crude oil fares to Asia from 1 February 2020 onwards.
The choice by KPC strengthens DME Oman's benchmark status in the Middle East. DME Oman is broadly viewed as the most productive and transparent price revelation and risk management instrument for the territorial sour crude oil showcase. Oman Blend crude oil is profoundly illustrative of the nature of most of Middle Eastern crudes and all things considered is a perfect value marker for the district's oil trades.
Assault Al-Salami, DME Managing Director, stated: "The mix of Oman's historical role as a confided in benchmark with top tier innovation, showcase guideline and physical conveyance makes DME Oman a convincing benchmark for national oil organizations that need transparent value discovery for their crude oil exports."
"We welcome KPC and are charmed by their choice to change some portion of their recipe to DME Oman. We exceptionally esteem the trust and the certainty conceded to us by KPC and we are focused on giving the locale with reliable risk management and value benchmarks," Al-Salami included.
DME Oman crude oil fates contract is an official benchmark for five makers in the Middle East, every one of whom utilize the trade's marker cost in their crude oil export agreements with Asian clients. The five makers are Oman, Dubai, Saudi Arabia, Bahrain and now Kuwait.