Oman’s Ministry of Gas and Oil recently became the Dubai Mercantile Exchange’s (DME) first customer.
DME is a brand-new auction system based in the Middle East. Through this platform, the Oman Ministry will be able to sell more spot exports of the sultanate’s crude oil. Currently, Oman uses the DME Oman crude oil contract to set the official selling prices for its oil.
The platform is powered by software developed by Elysian Systems Ltd.
“We are honored by the decision of the Omani Ministry of Oil and Gas to add DME Auctions to their current tools to sell spot crude oil,” DME Managing Director Owain Johnson said. “This decision is a great endorsement of our new platform and of DME’s work to enhance transparency in the east of Suez oil markets.”
Johnson pointed out that the oil market is facing “a difficult time” and said the DME platform came along at just the right time.
“We salute the Oman government’s commitment to transparency, and we look forward to working closely with the ministry to launch the crude oil auctions whenever the volumes are available,” he said. “DME Auctions meets a critical need in the commodity markets by serving those customers who want to buy and sell energy products and other commodities in the Middle East and beyond through a transparent auction process.”
