Oman crude oil benchmark up 100% following Opec+ supply cuts – The National

Oman crude oil benchmark up 100% following Opec+ supply cuts – The National

In the Middle East, Saudi Arabia - the world's largest oil exporter - uses the Oman crude price quoted on the Dubai Mercantile Exchange. The Dubai-Oman crude benchmark, used by many Gulf producers to price their oil is up 100 per cent following production cuts implemented by the Opec+ alliance.. The commodity benchmark, which trades on the Dubai Mercantile Exchange more than doubled as the Saudi Arabian and Russian-led coalition of producers began to cut 9.7 million barrels per day for May and June.. Front-month July DME marker settled at $34.95 per barrel on Friday, up $18.13 per barrel rebounding from a record low of $16.82 per barrel on April 28.. Saudi Arabia, the UAE, and Kuwait also increased their voluntary commitments last week.. The supply cuts also boosted West Texas Intermediate, the gauge for US oil, raising the benchmark above $30 per barrel for the first time in two months during the opening session.. WTI was up 9.24 per cent at $32.15 per barrel at 4.10pm UAE time.. Brent, the international crude benchmark, was up 5.91 per cent at $34.42 per barrel..