Oman sells October cargo at strong premium via DME Auction

Muscat - 

Oman’s Ministry of Oil and Gas sold a cargo of Oman blend crude via DME Auction on Wednesday, achieving a strong premium above the official selling price (OSP), which reflects the current strength of the Middle East crude oil market, particularly in Oman.

The 2mn-barrel cargo of October-loading Oman blend crude was awarded at a premium of US$0.20 per barrel over the October OSP, the Dubai Mercantile Exchange said in a press statement.

The DME Auction platform saw 22 participants take part in the auction with 21 active bids placed during the 2-minute period. The Oman OSP is calculated on a volume-weighted average of daily DME Oman crude marker prices over the month.

Raid al Salami, managing director of DME said, “Premium bids placed during the auction underline the high demand for Oman crude oil and other similar grades. This demand is further presented by the higher participation in the auction from many major global crude oil traders being able to participate in a transparent and real-time pricing mechanism.”

muscat daily recycle