Oman crude achieves strong 2023 growth in trading at DME

Oman crude achieves strong 2023 growth in trading at DME

Muscat – The Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, announced on Thursday that it recorded impressive growth in total trading volume and physical delivery of Oman crude in 2023 compared to the previous year. This development solidifies Oman crude’s position as the main crude oil benchmark in […]Muscat – The Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, announced on Thursday that it recorded impressive growth in total trading volume and physical delivery of Oman crude in 2023 compared to the previous year. This development solidifies Oman crude’s position as the main crude oil benchmark in the East of Suez market.

DME is home to the DME Oman Crude Oil Futures Contract (known as DME Oman or Oman crude), which generates the world’s largest amount of physically delivered crude oil. The DME Oman contract serves as the third-most important crude oil benchmark globally, used by five national oil companies based in the GCC countries.

DME’s front-month trading volume in 2023 surged to 800mn barrels, surpassing the 2022 figure of 752mn barrels and reaching the highest levels since 2018, according to a DME statement.

Similarly, the physical delivery volume for