Dubai Mercantile Exchange (DME), the premier international energy commodities market within the Middle East, today proclaimed that 21% increase year-on-year in exchange trading activities, besides great gross 172% increase in forward curve trading, following Saudi Aramco’s adoption of DME Oman in its official selling price in October 2018.
In 2019, DME registered a mean daily volume of 5.97 million barrels of crude oil from January to October, up from 4.95 million barrels for an equivalent amount in 2018. Forward curve activities reached a complete of 600.7 million barrels from January-October 2019, compared with 223.2 million barrels within the corresponding period in 2018.
Raid Al-Salami, Managing Director, DME, said: “We area unit witnessing a growing interest among crude oil sellers and consumers to trade and participate within the volume discovery through DME, the sole regulated energy exchange within the biggest oil-producing regions.”
“DME nowadays plays a significant role because the most reliable evaluation purpose for Middle Eastern crude oil going East, because of its growing and distributed client base, the transparency of DME Oman benchmark and its ability to capture the real supply-demand situation within the East of Suez market. The tremendous growth we experienced over the first 10 months of the year is a true testimony to our unmatched credentials.”
DME delivers between fifteen and twenty two million barrels of Oman crude each month. A good vary of customers lift physical Oman crude via the Exchange delivery mechanism, shipping the oil to refineries across Asia.