Dubai Energy Exchange sees rise in crude oil trading and delivery amidst growing Asian demand

Dubai Energy Exchange sees rise in crude oil trading and delivery amidst growing Asian demand

The Dubai Energy Exchange (DME) has experienced a notable surge in trading volumes and actual delivery of crude oil during the first quarter of this year.

The post Dubai Energy Exchange sees rise in crude oil trading and delivery amidst growing Asian demand appeared first on The Arabian Stories News.Muscat: This uptick is attributed to increased demand in Asian markets, with new participants joining the oil price discovery mechanism through the Oman crude oil futures contract.

During the first three months of this year, the DME facilitated the trading of a substantial 321 million barrels of crude oil, showcasing a 12 per cent increase compared to the previous quarter. Notably, trading activities for the delivery month witnessed a robust 17 percent rise, reaching a total of 236 million barrels. This surge in trading volumes underscores the escalating demand and market dynamics prevalent in the Asian region.

The actual delivery of crude oil also saw a positive trajectory, with over 57 million barrels delivered in the first quarter of this year, marking a 2 per cent increase from the preceding quarter. Raed bin Khalifa Al Salami, the Director General of the DME, emphasized that these delivery volumes accurately reflect the flourishing economic climate