Oman’s Oil Minister Says Middle East Needs Own Energy Market

Oman’s energy minister Mohammed al- Rumhy said the Middle East needs to create an open and transparent energy market.

“The problem is we have not created a market for ourselves,” said the minister at a conference in Doha, Qatar, today.

When asked if other Middle Eastern countries should adopt the Oman crude oil futures as a benchmark, he said: "It would be nice. It would be a good start to establishing a market in the region."

Oman’s oil futures, the only exchange-traded crude oil in the region, are currently used as a benchmark for Dubai.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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