DME reaches oil trading milestone
Increased interest from Asian members boosts performance
DME has announced that it has now reached the 8bn barrel mark, with a total of 8mn contracts (eqv. 8bn barrels) traded on the exchange.
The increased interest has been driven by new members from Asia and their participation has contributed to the exchange’s trading performance and enabled it to hit this new milestone in March 2015, despite the current challenging conditions for the global oil markets.
DME said the achievement reinforces DME Oman's position as the most credible trading benchmark for the Asian crude oil markets.
The DME Oman contract currently is the largest physically delivered crude oil futures contract in the world.
“As the only exchange capable of bridging the most significant global crude oil corridor between the Middle East and Asia, the DME’s central role in providing a fair price discovery mechanism for crude oil heading east through the DME Oman contract, especially during these volatile times, has never been more important,” said Christopher Fix, CEO of DME.