GME Reports Strong Performance in 2024

Dubai, 07 November 2024: Gulf Mercantile Exchange (GME), the premier international commodity exchange in the Middle East, is pleased to announce significant growth in its performance for the year 2024, highlighting the increasing trust and reliance on its contracts and services within the global oil market.

The exchange saw an impressive 8% growth in physical delivery volume, rising from 201 million barrels in 2023 to 217 million barrels in 2024. Furthermore, trading volume for the front month surged by 20%, with a total of 965 million barrels traded in 2024 compared to 800 million barrels in 2023. Additionally exchange total volume in October 2024 recorded a 29.26% increase with 116,931 contracts traded, compared to 90,462 contracts in September 2024

This growth reflects the confidence that traders and market participants have in the exchange, which has established itself as a leading platform and a reliable pricing signal for crude oil produced in the Middle East. Currently, GME Oman is pricing over 5 million barrels of crude oil produced in the region and shipped to Asia daily.

Raid Al-Salami, Managing Director, GME, stated, “We are incredibly proud of our achievements in 2024. The continued growth in both physical delivery and trading volumes is a testament to the trust our clients place in our exchange and the integrity of GME Oman. We remain committed to delivering exceptional service and fostering transparency in the oil market.”

As we move forward, we are dedicated to further enhancing our services and expanding our role in the global oil market, ensuring that we continue to meet the evolving needs of our customers and regional national oil companies” Al- Salami concluded