The Dubai Energy Exchange has revealed a substantial increase in the actual delivery of Oman Crude in the year 2022, with a rise of 23 per cent compared to the previous year.

In 2022, 181mn barrels of Oman Crude were delivered, as opposed to 147mn barrels in 2021. This growth can be attributed to the increased recognition of the significance of the Oman futures contract in the global oil markets.

Traders and investors have come to realise the effectiveness of this contract as an ideal instrument for hedging and managing financial risks, particularly during times of sharp fluctuations in the market.

The Exchange has also seen remarkable growth in its trading volumes, a testament to the growing interest in the Oman futures contract. It recorded a significant increase in the trading volumes of the Oman crude contract for the month of delivery, with a 22 per cent rise, and an overall increase in the trading volume by 11 per cent.

The success of the contract can be attributed to its transparent platform for price speculation, which has attracted many traders and investors.

The impact of this growth has been substantial, as the Oman crude contract has been adopted and endorsed by GCC national oil companies as a benchmark for pricing their exports to Asia. This has firmly established the contract as a highly sought-after and reliable pricing standard in the Middle Eastern and Asian markets.

Commenting on the results, Raid Al Salami, the Managing Director at the Dubai Mercantile Exchange (DME), stated that these facts confirm the importance of the Oman futures contract as a preferred criterion for Sulfur crude oil prices in the Middle Eastern and Asian markets.