BLITZ BUREAU
DUBAI Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, achieved a remarkable surge across physical delivery, front-month trading volume, and total exchange volume during the first six months of 2024 compared to the latter half of the previous year.
During this period, DME’s frontmonth trading volume soared by an impressive 31 percent reaching 505 million barrels compared to 385 million barrels in the second half of 2023. Similarly, physical delivery volume for H1 2024 rose by 9 percent to 113 million barrels, up from 104 million barrels in H2 2023, reported Emirates News Agency,–WAM.
Total exchange volume saw substantial growth of 21 percent touching 680 million barrels compared to 562 million barrels in H2 2023.
The stellar performance during the first half of 2024 has further cemented DME’s position as the main crude oil benchmark in the Asia market while reinforcing its standing on the global level. DME’s flagship Oman Crude Oil Futures Contract, DME Oman, now represents 36 percent of the Middle Eastern crude heading to the Asian market – a monumental growth from a mere 8 percent in 2007, the report added.
Commenting on the exemplary growth in trade volumes, Raid Al-Salami, Managing Director, DME, said, “The first half of 2024 has delivered outstanding results for us. It underscores our unwavering dedication to transparency and customercentric approaches, which have strengthened our market share and overall value. We are optimistic about the remainder of the year and hope to build on this momentum to achieve further positive results that reflect the success of this exchange in providing a transparent pricing index for crude oil in the region. As we pursue excellence and continue delivering added value to crude oil producers and consumers, we also remain steadfast in our resolve to provide traders with the tools and opportunities to protect their investments in the global oil markets.”
