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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

November Oman cargo sold at OSP +$0.18 in DME Auctions

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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.”


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