Dubai announces crude oil price for June delivery

Official monthly price of Dubai crude is determined in advance

  
Image used for illustrative purpose. A view of a new 70,000 barrels per day refining unit built by Czech firm Prokop Engineering at Doura oil refinery in Baghdad

Image used for illustrative purpose. A view of a new 70,000 barrels per day refining unit built by Czech firm Prokop Engineering at Doura oil refinery in Baghdad

Reuters/Mohammed Ameen

DUBAI, 22nd March, 2017 (WAM)-- The official price of the Dubai crude oil barrel for delivery next June will be US$0.20 less than the average daily settlement price of the Oman Crude Oil Financial Contract in Dubai Mercantile Exchange (DME Oman) contracts traded over the next month, according to the Department of Oil Affairs of Dubai Government.

The official monthly price of Dubai crude is determined in advance. A differential price is placed three months (M-3) in advance, while the official final monthly price is determined at the end of the second month (M-2).

DME Oman crude oil is considered a benchmark for pricing crude oil by the countries that produce it, and it gives them a differential price that reflects the quality of the product.

The Dubai Mercantile Exchange Limited (DME) is the premier energy-focused commodities exchange in the East of Suez, and home to the world's third crude benchmark.

© Copyright Emirates News Agency (WAM) 2017.


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