21.6 million crude oil barrels auctioned on DME with $13.7 million of premium generated
The exchange concluded its latest Basrah Light auction on September 20
Dubai: Dubai Mercantile Exchange, the premier international energy futures and commodities exchange in the Middle East, concluded its latest auction on September 20, on behalf of Iraq’s National Oil Company, Somo.
Today’s two-million barrel cargo of Basrah Light was awarded at a premium of $0.13 (Dh0.47) per barrel over the November Basrah Light Official Selling Price (OSP). Twenty companies participated, with 14 bids received during the two-minute auction.
DME has now hosted 13 auctions on its platform since January 2016, with a total of 21.6 million barrels sold, generating premiums totalling $13.7 million. Four different crude grades have been sold via the platform, including Oman crude oil blend, Basrah Light, Basrah Heavy and Malaysian Kimanis.
