41.6 Million barrels of spot cargoes sold at DME Auctions till date generating $17.8 million in premiums

Dubai, UAE – 21 October 2019: Oman’s Ministry of Oil and Gas (MOG) sold a cargo of Oman blend crude via DME Auctions, achieving once again a premium above the Official Selling Price (OSP) that reflects the current market in the Middle East and Asia.

The 2-million-barrel cargo of December-loading Oman Blend crude was awarded at a premium of $0.25 per barrel over the December OSP.

The DME Auction platform saw 14 participants with 17 active bids placed during the 2-minute period. The Oman OSP is calculated on a volume-weighted average of daily DME Oman Crude Oil (OQD) Marker Prices over the month.

Raid Al-Salami, Managing Director, DME, said: “Once again DME auctions proved to be the ideal platform and the most transparent mechanism to buy and sell spot cargoes. It gives buyers an equal opportunity to access the extra crude oil in the market and transact cargoes in just 2 minutes. The platform has auctioned 41.6 million Barrels from 4 different grades, including Oman Crude Oil, Basrah Light, Basrah Heavy, and Kimanis, and generated premiums of $17.8 million above the official selling price.”