The selling price for Dubai crude oil, will be fixed at a 20 cents discount against Oman futures for September in comparison to its selling price in August, the Dubai Department of Petroleum Affairs announced today.
The Oman Futures contract is a product traded across the Dubai Mercantile Exchange (DME).
Dubai Department of Petroleum Affairs will sets the official monthly selling price (OSP) for the Emirate’s crude oil based on a differential to the settlement price of the DME’s Oman Crude Oil Futures Contract as a means for maintaining transparency in pricing.
Dubai has traditionally acted as the benchmark crude oil for Middle East producers, who price cargoes at a differential to published estimates of Dubai/Oman prices, typically set retroactively for the previous month.
