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36.8 million barrels will be delivered through the Exchange in March 2017
Dubai - Continuing its strong start to 2017, the Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has achieved a new record for physical delivery with 36.8 million barrels of Oman crude oil scheduled for delivery through the Exchange in March 2017. The latest figure surpasses the previous record of 29.9 barrels for February 2017 delivery.
The physical delivery record marks yet another milestone for DME which only last week reported a new open interest record of 40,505 lots for its flagship Oman Crude Oil Futures Contract following January 2017 trading activity.
“DME has enjoyed a record-breaking start to 2017, hitting new all-time highs in delivery and open interest and raising the bar on performance excellence with every passing month. Our steady, consistent progress demonstrates strong confidence in our delivery mechanism and reinforces the DME Oman Contract’s status as the most efficient and transparent price discovery and risk management tool for the regional crude oil market,” said Ahmad Sharaf, Chairman of DME. “We remain focused on the future and we look forward to building on our strong momentum to usher in the next phase of growth for the Exchange.”
DME Oman is the only regional regulated benchmark to price crude heading East of Suez and is backed by the support of oil production from Oman which today stands at over 1 million barrels per day.
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About DME
DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.
Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world’s third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil.
DME is a fully electronic exchange, with regulatory permissions allowing access from more than 20 jurisdictions, including the major financial centers of Asia, Europe and the United States. The Exchange is located within the Dubai International Financial Center (DIFC), a financial free zone designed to promote financial services within the UAE. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.
DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy also hold equity stakes in the DME. www.dubaimerc.com
Media Contacts:
DME
Mayssam Hamadeh
Head of Marketing
+971 506523754 (mobile)
mayssam.hamadeh@dubaimerc.com
TRACCS (PR agency)
Walid Majzoub
+9714 3672530
walid.majzoub@traccs.net
TRACCS 24/7 Media Hotline: +97150 9448389
© Press Release 2017
