Two million barrels of Oman blend crude sold at DME Auctions

DUBAI, Oman’s Ministry of Oil and Gas, MOG, has sold a cargo of Oman blend crude via DME Auctions, achieving once again a premium above the official selling price, OSP, that reflects the current market in the Middle East and Asia.

The two-million-barrel cargo of December-loading Oman Blend crude was awarded at a premium of US$0.25 per barrel over the December OSP.

Raid Al-Salami, Managing Director of DME, said, “Once again DME auctions proved to be the ideal platform and the most transparent mechanism to buy and sell spot cargoes. It gives buyers an equal opportunity to access the extra crude oil in the market and transact cargoes in just two minutes. The platform has auctioned 41.6 million Barrels from four different grades, including Oman Crude Oil, Basrah Light, Basrah Heavy, and Kimanis, and generated premiums of $17.8 million above the official selling price.”

The DME Auction platform saw 14 participants with 17 active bids placed during the two-minute period. The Oman OSP is calculated on a volume-weighted average of daily DME Oman Crude Oil, OQD, Marker Prices over the month.

Source: Emirates News Agency