Dec. 5 (Bloomberg) -- 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.
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