posted on 27/02/2013: 1571 views
The Department of Oil Affairs in the government of Dubai yesterday announced that it had notified its customers that the official selling price (OSP) of Dubai crude oil, which will be delivered next May, will be at a premium of 10 cents per barrel to Oman futures for April.
An official at the department of oil affairs in the government of Dubai told Emirates News Agency (WAM) that the department sets the price of Dubai crude oil in the markets in parallel with Oman oil prices, which reinforces the transparency of pricing process' commitment and setting a fair value of crude oil in the Middle East.
The official monthly price of Dubai crude oil - with the transition to the pricing futures contracts - is determined in advance, for a differential price is placed before three months, "M-3", while the official final monthly price is determined at the end of the second month " M-2 ".
The DME Oman crude oil is considered as a benchmark for pricing crude oil by the countries that produce it, and it gives them a differential price that reflects the quality of the product.
Everyday at 12:30 pm (Dubai time), Dubai Mercantile Exchange determines the daily settlement price of the Oman contract, which is the average price of transactions made within five minutes from 12:25 p.m. to 12:30 p.m., Dubai time.
On the last circulating day of the month, the settlement's window lasts for thirty minutes from 12:00 p.m. until 12:30 p.m., Dubai time. - Emirates News Agency, WAM
|24 October 2014||Abu Dhabi wins bid to host the 2019 World Energy Congress|
|24 October 2014||ENOC reduces diesel retail price by 20 fils to Dh 3.50 per litre|
|23 October 2014||Falcon Aviation Services signs orders for two AW189 helicopters|
|23 October 2014||Suhail Al Mazrouei launches U.A.E. Energy Status Report|
|23 October 2014||Dubai announces crude oil price for January|