News & Events

DME hits 4 billion barrels traded mark
DME hits 4 billion barrels traded mark
Wednesday, February 06, 2013

DME announced today that it has now reached the 4 billion barrel mark, with a total of 4 million contracts (eqv. 4 billion barrels) traded on the Exchange. This milestone comes just 10 months after the DME passed the 3 billion mark and continues the trend of strong trading growth on the Exchange.

The 4 millionth trade on the Exchange took place at 12:28 pm Dubai Time yesterday between Japanese trading house Mitsubishi Corp, and the Anglo–Swiss multinational commodities trader, Glencore, highlighting DME Oman's position as the most credible benchmark for oil trading for the Asian markets. DME Oman remains the largest physically delivered crude oil futures contract in the world, with the Exchange trading the equivalent of more than 1 billion barrels of oil for the first time in one year during 2012.

Christopher Fix, Chief Executive of the Dubai Mercantile Exchange, said:
"After delivering strong trading growth in 2012, DME has sprinted out of the blocks at the start of 2013, with record window volumes helping us pass the 4 billion barrels traded mark. The fact that our 4 millionth trade was carried out between one of Asia’s largest trading houses and one of the world’s largest commodities traders, underlines how we are attracting increasing amounts of quality liquidity to DME”.

"With the increasing influence of countries such as China and India on global crude oil markets, DME is perfectly positioned to bridge these two sub-continents and provide the only appropriate benchmark for, and gateway into, the rapidly expanding East of Suez crude oil corridor."

A Spokesperson at Mitsubishi Corp said:

“Mitsubishi Corp is happy to have contributed to DME’s success in trading their 4 millionth contract. Mitsubishi Corp believes there is a need for a transparent and liquid benchmark futures contract for Middle East crude oil to ensure a fair price for all market participants. To this end, we are a steady participant in the DME Oman market and a supporter of the continued success of the DME.”

Steven McBain, Crude Oil Trading Manager at Glencore Singapore PTE. LTD said:

It is fantastic to be a part of the ongoing success of the Dubai Mercantile Exchange as it reaches the milestones of 4 million trades and 4 billion barrels. Glencore plans to continue to grow its business on the DME and support the exchange in its drive to align itself with global commodities markets. The establishment of the DME has been one of the most positive developments in Asian crude trading in recent years and we look forward to participating in its future success.”

DME trading milestones:

December 2009 1bn barrels
March 2011: 2bn barrels
March 2012:  3bn barrels
February 2013: 4bn barrels

For more information, please contact:

Heather Astbury, Director Corporate Communications at DME on or +971 50 6523754

Walid Majzoub at TRACCS (PR agency) on or +971 4 3672530