DME sets new record of crude oil barrels to be delivered
International energy futures and commodities exchange, Dubai Mercantile Exchange (DME), has achieved a new record with 36.8 million barrels of Oman crude oil to be delivered through the exchange in March 2017.
The physical delivery record marks yet another milestone for DME which, only last week, reported a new open interest record of 40,505 lots for its flagship Oman Crude Oil Futures Contract, following January 2017 trading activity.
DME chairman, Ahmad Sharaf, said: DME has enjoyed a record-breaking start to 2017, hitting new all-time highs in delivery and open interest, and raising the bar on performance excellence with every passing month.
Our steady and consistent progress demonstrates strong confidence in our delivery mechanism and reinforces the DME Oman Contracts status as the most efficient and transparent price discovery and risk management tool for the regional crude oil market.
He also added: We remain focused on the future and we look forward to building on our strong momentum to usher in the next phase of growth for the exchange.
DME Oman is the only regional regulated benchmark to price crude heading East of Suez and is backed by the support of oil production from Oman which today stands at over one million barrels per day.