Dubai: The Dubai Mercantile Exchange (DME) announced that the actual delivery volumes of Oman crude oil increased by 18 per cent, in the first quarter of 2023.

The exchange delivered 63.77 million barrels compared to 54.01 million barrels in the same period of 2022. The DME also reported a 9 per cent increase in trading volume in the same period.

Raed bin Khalifa Al Salami, Director-General of the Dubai Mercantile Exchange, said that the volume of actual delivery on the stock exchange is a real and tangible indicator of the dynamics of supply and demand in the Asian oil markets, and there is a significant increase in the volume of demand for crude oil since the beginning of this year.

He added, in a statement to the Oman News Agency (ONA), that the Oman crude oil futures contract is closely linked to the actual delivery, and here lies its importance as a real indicator of crude oil in the Middle East, as it is adopted by national oil companies to determine the prices of their crude oil exports to Asian markets.

In this regard, he pointed out that the Sultanate of Oman, the Kingdom of Saudi Arabia, the State of Kuwait, the Kingdom of Bahrain, and the Emirate of Dubai depend, in determining the oil price, on the Oman crude oil futures contract, which contributes to the pricing of 5.5 million barrels of crude oil per day.

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