36.8 million barrels will be delivered through the Exchange in March 2017
Continuing its strong start to 2017, the Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has achieved a new record for physical delivery with 36.8 million barrels of Oman crude oil scheduled for delivery through the Exchange in March 2017. The latest figure surpasses the previous record of 29.9 barrels for February 2017 delivery.
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 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, consistent progress demonstrates strong confidence in our delivery mechanism and reinforces the DME Oman Contract’s status as the most efficient and transparent price discovery and risk management tool for the regional crude oil market,” said Ahmad Sharaf, Chairman of DME. “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 1 million barrels per day.