229,039,000 barrels of Oman crude oil shipped through DME in 2015 compared to 176,514,000 barrels in 2014
The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has registered a 30 per cent increase year-on-year in physical delivery volumes with a total of 229,039,000 barrels shipped during 2015 compared to 176,514,000 barrels in 2014. This impressive performance makes it the best year in the history of the exchange for physical delivery reinforcing DME’s critical role as a key global energy trading platform.
“These record volumes underline the importance of the DME Oman benchmark which has the largest physical delivery of any crude oil futures contract in the world,” said Owain Johnson, Managing Director, DME. “This new record also highlights DME Oman's position as the most reliable, trusted, and transparent trading benchmark for the Asian crude oil markets with the exchange capitalizing on the growth of energy trading along the key crude oil corridor between the Middle East and Asia.”
Mr. Johnson added, “The DME Oman contract is uniquely suited to meet the risk management needs of our customers in line with the dynamics of global oil supply and demand while providing the security of consistent supply of Oman crude through physical delivery. Our consistent growth in physical delivery volumes also reflects the success of DME in fulfilling our customer needs through a world class physical delivery infrastructure.”
The DME Oman is the only 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 1 million barrels per day.
The DME delivers between 15 and 22 million barrels of Oman crude every month via its delivery mechanism with customers loading the oil at Mina Al Fahal port in Oman. A wide range of customers typically lift physical Oman crude via the Exchange delivery mechanism every month, shipping the oil to refineries across Asia.