Dubai: The Bahrain Petroleum Company (Bapco) has informed its customers that it has switched its crude oil pricing formula to include the DME Oman benchmark.
It’s the fourth national oil company (NOC) to implement DME Oman in its pricing formula. The pricing formula switch will be for Arab Medium crude sales to Asia, which came into effect for October 2018 loading cargoes, the Dubai Mercantile Exchange (DME) said in an emailed statement.
Raid Al Salami, head of DME said: “This marks the latest step in the evolution of the DME Oman crude oil benchmark, for regional producers and customers across Asia.”
The DME Oman crude oil benchmark is currently used to establish the price of crude oil produced in the Kingdom of Saudi Arabia, the Sultanate of Oman, and Dubai.