Dubai: The Dubai Mercantile Exchange (DME) registered a new record in the volume of actual deliveries of Omani crude oil since September 2018, reaching 3 billion barrels, while the trading volume exceeded 20 billion barrels since the establishment of the exchange in June 2007.
Raed bin Khalifa Al Salami, Director General of DME, said that 24 million barrels of Omani crude oil will be delivered through the exchange in January 2024.
He said in a statement to the Oman News Agency that these numbers reflect the increasing interest of companies operating in the energy sector in trading the futures contract for Omani crude oil and exploring prices in a transparent manner, in addition to the increasing confidence enjoyed by the actual delivery mechanism. “These results reinforce the position of the DME Oman crude futures contract as the most reliable tool for managing financial risks in the face of price fluctuations in crude oil markets,” he added.
He further stressed that DME's permanent commitment to strengthening partnership and cooperation with all those working in the oil markets in order to develop the energy markets and its financial derivatives in the region and to work to enable all clients to participate effectively in exploring oil prices, hedging, and protecting their investments in this field.
Raed bin Khalifa Al-Salami said that the continued growth witnessed by the DME directly reflects the tireless efforts made by the the exchange in recent years to provide the best and most transparent services, which has led to increased confidence of oil producers in the region in the Oman Crude Oil Index, which is used in pricing oil exports to the markets in Asian countries.
The DME recently announced the results of the first half of this year, which witnessed an increase in trading volumes by 15 percent and in actual deliveries by 18 percent compared to the same period last year.
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