DME (Dubai Mercantile Exchange) today announced record average daily trading volumes (“ADV”) of 7,381 in July 2013, equivalent to almost 7.4 million barrels of oil a day. This surpasses the previous record of 6,978 ADV set in June 2013, is 36% higher than July last year and is a 6% increase on last month.
Yearly ADVs have grown steadily since the DME was launched, leaping from 4,667 last year to 6,192 this year to date - over double the 2010 yearly ADV.
Christopher Fix, CEO of the DME said: "At a time when many exchanges are seeing their volumes squeezed, DME continues to buck the trend. This record is testament to the market’s desire for transparent pricing for the East of Suez market, something our DME Oman contract is unique in offering.
“With year on year volume growth of 15% in the first seven months of 2013 and an expanding membership base – particularly from Asia - DME is now a critical part of the global crude oil trading complex, at the heart of the East of Suez crude oil corridor”.