Dubai
Dubai Mercantile Exchange hosted its 2018 first auction on January 4, on behalf of Oman’s Ministry of Oil and Gas (MOG). The 2-million barrel cargo of March 2018 loading, was awarded at a premium of $0.15 per barrel over the March Official Selling Price (OSP).
19 companies participated in today’s auction; with more than 30 bids submitted during the 2 minute auction process.
In 2017, DME hosted several auctions, totalling more than 25 million barrels of different crude oil grades; including Oman Blend, Basrah Light, Basrah Heavy, and Malaysian Kimanis. This generated premiums of more than $14 million.
DME Auctions was launched in 2016 in a bid to provide a transparent spot commodity auction system for the first time in the Middle East.
