More than 25 million barrels of crude oil auctioned on DME in 2017

Dubai Mercantile Exchange hosted its 2018 first auction on Thursday 4 January, on behalf of Oman’s Ministry of Oil and Gas (MOG). The 2-million barrel cargo of March 2018 loading, was awarded at a premium of $0.15 per barrel over the March Official Selling Price (OSP)

19 companies participated in today’s auction; with more than 30 bids submitted during the 2 minute auction process.

In 2017 DME hosted several auctions, totaling more than 25 million barrels of different crude oil grades; including Oman Blend, Basrah Light, Basrah Heavy, and Malaysian Kimanis. This generated premiums of more than $14 million.

DME Auction was launched in 2016 in a bid to provide a transparent spot commodity auction system for the first time in the Middle East.