Dubai, UAE – 01 September 2019: Oman’s Ministry of Oil and Gas (MOG) sold a cargo of Oman blend crude via DME Auctions, 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 2-million-barrel cargo of November-loading Oman Blend crude was awarded at 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 calculated on 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 official selling price.”