Oman crude blend sold November at a premium of $ 0.18 a barrel through DME auctions

Dubai 01-09-2019
The DME organized an auction for the Omani Ministry of Oil and Gas and the shipment of 2 million barrels of Oman crude oil mix was sold for November delivery at a premium of US $ 0.18 per barrel to be added to the official selling prices for November.
The DME auction platform saw 16 companies participate in the auction and over 29 bids were submitted within a two-minute window. Official selling prices for Oman crude are calculated on the basis of the monthly average price of the DME daily index.
“The continued success of the DME auctions underscores the need for a sophisticated and transparent mechanism for immediate shipments of crude oil. Various oils, including Oman Crude, Basra Light and Heavy Crude and Malaysian Kemanez Crude, have earned premiums of $ 17.3 million above official selling prices.