March 2018 Oman Cargo sold at premium on DME Auctions platform

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.