The Dubai Mercantile Exchange (DME) announced that more than 620 million barrels of Omani crude oil were traded in the first half of this year, reflecting the growing interest in it by regional oil producers and oil importers in Asia and the world.
The energy exchange indicated that the global markets went through sharp fluctuations in oil prices and the volumes of demand for crude oil due to the Covid pandemic at the beginning of 2020, as well as geopolitical turmoil in multiple regions around the world in 2021.
Thereafter, the oil markets returned to an upward trend at the beginning of 2022, buoyed by the military operations in Ukraine, the high demand for oil and its products, and the easing of precautionary measures by many countries during the pandemic.
In the first half of this year, the Dubai-based exchange witnessed an increase in the trading volumes of the Oman crude oil futures contract for the delivery month by 18 per cent, reaching 361 million barrels, compared to 296 million barrels for the same period in 2021.
The exchange delivered 90 million barrels in the first half of 2022, and the average monthly delivery was 15 million barrels, an increase of 23 per cent over the first half of 2021.
Raid al Salami - Managing Director - Dubai Mercantile Exchange, said that Oman's crude oil prices witnessed a remarkable rise, reaching 51.48 per cent between January 2021 and June 2022, with the continued recovery of markets and increased demand in Asia on the one hand, and global tensions and political crises on the other.
The Director General of the DME added to the Oman News Agency that the performance of the Oman oil future contract reaffirms the importance of this indicator in the oil markets in the Middle East and Asia, as it plays a pivotal role in discovering oil prices and pricing more than 5 million barrels of oil per day.