The Dubai Mercantile Exchange has been able to gain the confidence of major oil producers and consolidate its position as the most reliable source of oil pricing in the region, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance said on Tuesday.
He also stressed on the successful business strategy employed by the exchange that contributed in the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.
As many as 60 companies are using the exchange platform for physical delivery, and the number of barrels of oil delivered through the DME mechanism stands at 2.5 billion barrels. An equivalent of 17 billion barrels was traded during the review period, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract on a daily basis is 5.2 million barrels.
DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the most fair and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018, after it was limited to pricing about 30 million barrels per month. The contract is regarded as the most reliable crude oil futures price benchmark, due to the quality of Oman blend, which represents the majority of the GCC crude oil grades.
