The Dubai Mercantile Exchange (DME) has crossed the 10 million contracts mark, with a total of 10 billion bbls of Omani crude oil traded on the Exchange since inception.
The milestone comes after DME has registered a 11% increase in trading volumes to date this year, while setting a new record for physical delivery. DME delivered 27 342 000 bbls in March 2016, maintaining DME Oman’s position as the energy futures contract with the largest physical delivery in the world.
“Today’s landmark highlights the important role DME plays in the oil markets of the Middle East and Asia, enabling transparency and fair crude oil prices for both producers and users. We have won customers’ trust around the globe and particularly in Asia by offering the most reliable regional oil price benchmark and a fully regulated trading environment,” said DME Chairman Ahmad Sharaf.
“Crude oil markets are increasingly volatile, which highlights the need for regulated risk management solutions such as the DME Oman Crude Oil Futures contract. DME is witnessing strong interest from new players in Asia and we continue to grow our customer base, which currently includes more than 90 global players,” Sharaf added.
The Exchange recently announced a roundtable event in China to assist independent Chinese refiners with the Exchange’s registration process, enabling these new market entrants to start trading Oman crude oil futures contracts on DME.
Adapted from a press release by David Bizley
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