H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, praised the premier energy-focused commodities exchange, Dubai Mercantile Exchange (DME) for gaining the confidence of major oil producers and consolidating its position as the most reliable source of oil pricing in the region.
Sheikh Maktoum affirmed that the Dubai government has provided all necessary support for the growth of financial markets operating in the Emirate by developing a legislative framework and infrastructure to allow exchanges to consolidate regionally and globally.
In the meeting of the Dubai Mercantile Exchange (DME) Board of Directors, the Deputy Prime Minister praised the DME for the successful exchange strategy contributed to the growth of trading volume and enhanced its ability to benefit from the steady growth of crude oil trading in the Middle East and Asia regions.
The meeting also reviewed the latest regional and global developments in the sector, especially during the rapid changes experienced by the energy market, and the great growth opportunities that it holds.
During the last period, the number of companies using the exchange platform for physical delivery reached 60, and the oil barrel count supplied through the DME system reached 2.5 billion barrels. It traded equivalent to 17 billion barrels, while the number of barrels of oil that are priced according to the Oman Crude Oil Futures Contract daily was at 5.2 million barrels.
DME lists the Oman Crude Oil Futures Contract (DME Oman) as its flagship contract, providing the fairest and transparent crude oil benchmark for the region. DME Oman is the explicit and sole benchmark for about 170 million barrels of crude oil per month since 2018 after it was limited to pricing about 30 million barrels per month.
DME is a joint venture between Dubai Holding, Oman Investment Authority and CME Group. It is the first operator of international energy futures and commodities exchange in the Middle East. The company focuses on bringing fair and transparent price discovery and efficient risk management regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognized body by the Dubai Financial Services Authority (DFSA).