News & Events

SOMO sells 2 million barrels of Basrah Light crude oil on DME Auctions platform
Sunday, April 30, 2017

Dubai Mercantile Exchange (DME) announced that Iraq’s national oil company SOMO has successfully sold 2 million barrels of June 2017 loading crude on the “DME Auctions” platform.

The auction attracted widespread interest from majors and refiners with more than 20 traders participated in the auction.

The highest of the 40 bids during the 2-minutes auction, was at 31 cents/barrel premium over the Basra Light Official Selling Price (OSP) for June. SOMO will publish the June OSP in the second week of May.

Dr. Falah J Alamri, Director General, SOMO, said: “We have included DME auctions as an option to sell Basrah Light crude, in order to satisfy the demand in Asia, and to offer customers an equal opportunity to access our spot cargos. Today’s auction demonstrates our commitment to enhance transparency in the east of Suez oil market, and to meet our term lifters’ needs.”

Ahmad Sharaf, Chairman, DME, said: “This marks a new milestone for DME, and highlights the importance of such a platform for both producers and customers to buy and sell spot cargos in a transparent and safe environment. We are delighted with the trust given to DME by SOMO and industry participants, which inspires us to always provide innovative and transparent trading solutions.”

“DME Auctions” meets a critical need in the commodity markets by serving those customers who want to buy and sell energy products and other commodities in the Middle East and beyond through a transparent auction process.  “DME Auctions” is powered by market-leading auction software provided by Elysian Systems Ltd.