Dubai, UAE – 18 May 2020: Oman crude oil Benchmark trading on Dubai Mercantile Exchange has doubled in price since the record cuts agreed by the OPEC+ group and other major producers were implemented in time for May loading schedules. 

Front-month July DME Oman Marker Price on Friday was $34.95/b, up $18.13/b from the record low of $16.82/b on April 28 – an increase of 108%.

The Marker Price is used by Middle East producers, which include Saudi Arabia, Kuwait, Bahrain, Oman and Dubai in calculating the Official Selling Price (OSP).

Middle East prices have also risen faster than those in Europe, with DME Oman trading at nearly $3/b over the Brent North Sea benchmark on Friday.