Global crude players bid through DME Auctions for 1 million barrels of oil

Dubai, July 4, 2016 - The Dubai Mercantile Exchange (DME) announced today the success of its latest auction with major global players participating in a bid to buy 1,000,000 barrels of Oman crude oil. The auction was conducted on July 1 through the DME Auction platform, the first spot commodity auction system in the Middle East. 

Oman’s Ministry of Oil and Gas has included DME Auctions in their available options to sell spot cargos of Oman Blend. This move maintains a high level of transparency in the marketing of Oman’s crude oil exports and offers customers a fair and equal opportunity to access the Sultanate’s spot exports.

Owain Johnson, Managing Director, DME said: “The Oman government believes in transparency as a key factor for a successful and healthy relationship with its oil customers.  Oman has adopted exchange-based pricing since 2007 and selected DME Auctions for its spot exports in 2015. Today’s auction was another success and justifies the trust given to the platform by the government and industry participants.”

“DME is committed to providing innovative solutions to enhance trade between the Gulf and Asia, both for energy products and other commodities, in a transparent and regulated environment.”