Environment & Energy | Sunday 1 September, 2019 1:24 pm |

Oman’s Ministry of Oil and Gas (MOG) sold a cargo of Oman blend crude via DME Auctions, achieving a strongpremium above the Official Selling Price (OSP) which reflects the current strength of the Middle East crude oil market, particularly in Oman.

 

The 2-million-barrel cargo of November-loading Oman Blend crude was awardedat a premium of $0.18 per barrel over the November OSP. 

 

The DME Auction platform saw 16 participants take part in the auction with 29 active bids placed during the 2-minute period. The Oman OSP is calculatedon a volume-weighted average of daily DME Oman Crude Oil (OQD) Marker Prices over the month.

 

Raid Al-Salami, Managing Director, DME,said: “The continuous success of DME auctions underlines the need for a robust and transparent mechanism to buy and sell spot cargoes. The platform has auctioned 39.6 million Barrels from 4 different grades including Oman Crude Oil, Basrah Light, Basrah Heavy and Kimanis and generated premiums of $17.3 million above the officialselling price.”