Dubai to use DME for crude oil pricing
The Dubai Mercantile Exchange (DME), a joint venture between Tatweer, Nymex and the Oman Investment Fund, announced today that the government of Dubai will cease pricing its export crude oil sales off its current mechanism and instead utilise DME futures prices upon launch of the exchange on June 1.
Dubai joins Oman in using DME settlement prices for its crude oil pricing. Together, Dubai and Oman crude represents the current foundation for pricing the majority of the Middle East’s crude oil sales to the Far East.
The DME hopes that producer support of its Middle East sour crude oil benchmark will ensure that customers have access to an improved risk management tool and that producing nations can recognise fair market value for their crude oil.
The exchange will launch its Oman crude oil
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