Dubai – Mubasher: The Dubai Energy Exchange announced that the actual delivery volumes of Oman crude oil increased by 18 percent in the first quarter of 2023, as it delivered 63.77 million barrels, compared to 54.01 million barrels in the same period of 2022.
The stock market recorded a 9 percent increase in trading volume in the same period.
Raed bin Khalifa Al Salami, Director General of the DME, said – in a statement to Oman News Agency today, Saturday – that the volume of actual delivery on the stock exchange is a real and tangible indicator of the dynamics of supply and demand in the Asian oil markets, and there is a noticeable increase in the volume of demand for crude oil since beginning of this year.”
He added that the Oman crude oil futures contract is closely linked to actual delivery, and herein lies its importance as a real indicator of crude oil in the Middle East, as it is adopted by national oil companies to determine the prices of their crude oil exports to Asian markets.
He pointed out that the Sultanate of Oman, the Kingdom of Saudi Arabia, the State of Kuwait, the Kingdom of Bahrain, and the Emirate of Dubai depend, in determining the oil price, on the Oman crude oil futures contract, which contributes to the pricing of 5.5 million barrels of crude oil per day.
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