Oman sells Sept cargo at strong premium

September 03, 2019

Oman’s Ministry of Oil and Gas (MOG) sold a cargo of Oman blend crude via DME Auctions on Monday, achieving a strong premium above the official selling price (OSP) which reflects the current strength of the Middle East crude oil market, particularly in Oman.

The 2mn barrel cargo of November-loading Oman blend crude was awarded at a premium of US$0.18 per barrel over the November OSP, the Dubai Mercantile Exchange said in a press release.

The DME Auction platform saw 16 participants take part in the auction with 29 active bids placed during the 2-minute period. The Oman OSP is calculated on a volume-weighted average of daily DME Oman Crude Oil (OQD) Marker Prices over the month.

Raid al Salami, managing director of DME said, “The continuous success of DME auctions underlines the need for a robust and transparent mechanism to buy and sell spot cargoes. The platform has auctioned 39.6mn barrels from 4 different grades.”