DME Needs Saudi Acceptance to Spur Use of Oman Crude Benchmark
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The Dubai Mercantile Exchange needs Saudi Arabia’s acceptance of its Oman futures contracts as a benchmark for exports to Asia to encourage other Middle East producers to use the marker, the head of the bourse said today.
The DME, the United Arab Emirates-based oil trading market, is “in dialogue” with the state-owned producers in the Middle East, including Saudi Arabia, to use its Oman crude futures contract, DME Chief Executive Officer Thomas Leaver said today in Singapore. The exchange has been holding meetings with the companies, informing them of the volumes traded and answering questions about corporate governance, he said.