Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East announced the launch of eight new oil listings on Monday, following completion of the regulatory review.
Among the new products offered by DME is the Oman Crude Oil/Platts Dubai Crude Oil Futures contract (code DOP) which helps customers match their hedging exposure for crude from Saudi Arabia, the world’s largest exporter of crude oil. Saudi Aramco recently announced it is changing the way it calculates its Official Selling Price (OSPs) from 1 October, 2018, which will take the monthly average of DME Oman and Platts Dubai – creating a hybrid between the two major Asia benchmarks.
To complement the new crude oil hedging tool, DME is also listing the Oman/Dubai contract as a spread versus Brent futures and Asian refined products.
The new listings will complement DME’s current suite of products, which includes the flagship Oman Futures contract, along with Dubai and Brent/Dubai futures.
Ahmad Sharaf, Chairman of DME, said: “The new oil contracts listings are the next step in the natural evolution of the DME and exchange-traded products across the Asian markets, helping customers to hedge physical pricing exposure on both crude oil and refined products.”