Dubai, UAE – Dubai Mercantile Exchange (DME) welcomed the latest Middle East oil producer to switch its crude oil pricing formula to include the DME Oman benchmark.
Raid Al-Salami, Head of DME: “We are honored Bahrain has decided to incorporate DME Oman into its pricing formula. This marks the latest step in the evolution of the DME Oman crude oil benchmark for regional producers and customers across Asia. It also represents an important recognition of the contract as the most efficient and transparent price discovery mechanism for regional crude oil heading East of Suez.”
The Bahrain Petroleum Company (BAPCO) informed customers of the pricing formula switch for Arab Medium crude sales to Asia, which comes into effect for October 2018 loading cargoes.
Bahrain is the fourth National Oil Company (NOC) to implement DME Oman in its pricing formula. The DME Oman crude oil benchmark is currently used to establish the price of crude oil produced in the Kingdom of Saudi Arabia, the Sultanate of Oman, and the Emirate of Dubai.
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About Dubai Mercantile Exchange (DME):
DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.
Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world’s third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil.
DME is a fully electronic exchange, with regulatory permissions allowing access from more than 20 jurisdictions, including the major financial centers of Asia, Europe and the United States. The Exchange is located within the Dubai International Financial Center (DIFC), a financial free zone designed to promote financial services within the UAE. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.
DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy also hold equity stakes in the DME. www.dubaimerc.com
For more information, please contact:
DME
Mayssam Hamadeh
Head of Marketing
+971 506523754 (mobile)
TRACCS (PR agency)
Walid Majzoub
+9714 3672530
TRACCS 24/7 Media Hotline: +97150 9448389
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