Oil’s Going, Going, Gone: Crude’s Worth Revealed at Auctions
- Producers seen auctioning crude on DME to gauge buyer interest
- Process helps set official selling price for long-term cargoes
Aviva's Diebel Sees Oil Moving Lower Over the Summer
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Oil producers who for years tracked top OPEC member Saudi Arabia to help set the price of their crude could now be looking to go solo.
With $100 oil a distant memory and U.S. crude eating into their share of prized markets, they are seeking new ways to assess if their supply may be worth more -- a prospect that’ll help prop up their battered economies. Iraq’s state oil marketing company and Malaysia’s government-run producer are auctioning off cargoes on the Dubai Mercantile Exchange this year for the first time as sellers look to gauge demand by analyzing bids and buyer interest.