Dubai, UAE: Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, today announced a 21% increase year-on-year in exchange trading activities, along with 172% increase in forward curve trading, following Saudi Aramco’s adoption of DME Oman in its official selling price in October 2018.
In 2019, DME registered an average daily volume of 5.97 million barrels of crude oil from January to October, up from 4.95 million barrels for the same period in 2018. Forward curve activities reached a total of 600.7 million barrels from January-October 2019, compared with 223.2 million barrels in the corresponding period in 2018.
Raid Al-Salami, Managing Director, DME, said: “We are witnessing a growing interest among crude oil sellers and buyers to trade and participate in the price discovery through DME, the only regulated energy exchange in the biggest oil-producing regions.”
“DME today plays a major role as the most reliable pricing point for Middle Eastern crude oil going East, due to its growing and diversified customer base, the transparency of DME Oman benchmark and its ability to capture the real supply-demand situation in the East of Suez market. The tremendous growth we experienced over the first 10 months of the year is a true testimony to our unmatched credentials.”
DME delivers between 15 and 22 million barrels of Oman crude every month. A wide range of customers lift physical Oman crude via the Exchange delivery mechanism, shipping the oil to refineries across Asia.
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About Dubai Mercantile Exchange (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
For more information, please contact:
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
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