Dubai: Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, achieved a remarkable surge across physical delivery, front-month trading volume, and total exchange volume during the first six months of 2024 compared to the latter half of the previous year.

During this period, DME's front-month trading volume soared by an impressive 31% reaching 505 million barrels compared to 385 million barrels in the second half of 2023. Similarly, physical deliver volume for H1 2024 rose by 9% to 113 million barrels, up from 104 million barrels in H2 2023. Total exchange volume saw substantial growth of 21% touching 680 million barrels compared to 562 million barrels in H2 2023.

The stellar performance during the first half of 2024 has further cemented DME's position as the main crude oil benchmark in the Asia market while reinforcing its standing on the global level. DME's flagship Oman Crude Oil Futures Contract, DME Oman, now represents 36% of the Middle Eastern crude heading to the Asian market - a monumental growth from a mere 8% in 2007.

Commenting on the exemplary growth in trade volumes, Raid Al-Salami, Managing Director, DME, said: "The first half of 2024 has delivered outstanding results for us. It underscores our unwavering dedication to transparency and customer-centric approaches, which have strengthened our market share and overall value. We are optimistic about the remainder of the year and hope to build on this momentum to achieve further positive results that reflect the success of this exchange in providing a transparent pricing index for crude oil in the region. As we pursue excellence and continue delivering added value to crude oil producers and consumers, we also remain steadfast in our resolve to provide traders with the tools and opportunities to protect their investments in the global oil markets."

Looking ahead, DME is committed to sustaining this growth curve for the remainder of the year by continuously offering innovative solutions, maintaining absolute transparency, and closely monitoring the developments in the global energy markets.

About Dubai Mercantile Exchange Limited:

Dubai Mercantile Exchange Limited (DME) is the premier energy-focused commodities exchange east of the Suez and home to the world's third crude benchmark. A total of 20 billion barrels of Omani crude oil have traded on the exchange since inception in June 2007, while 3 billion barrels have been delivered via the DME’s physical delivery mechanism over the same period.

DME Holdings Limited is a joint venture between Dubai Holding, Oman Investment Authority and CME Group and the parent company of DME. In addition to its core shareholders, global financial institutions, and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, Vitol and Concord Energy have taken equity stakes in DME Holdings Limited, providing the exchange with a resounding vote of confidence by major players in global energy markets.

It is located within the Dubai International Financial Center (DIFC) and regulated by the Dubai Financial Services Authority. All trades executed on DME are cleared through and guaranteed by CME Clearing. CME is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognized Body by the DFSA.

Media Contacts:
DME:
Mayssam Hamadeh
Head of Corporate Communications
+971 50 6523754 (mobile)
mayssam.hamadeh@dubaimerc.com

TRACCS (PR agency):
Walid Majzoub
+971 50 232 8028
walid.majzoub@traccs.net