Dubai kept the differential used to determine the cost of its oil shipments unchanged for May and at the steepest discount since the Persian Gulf emirate began pricing its exports against the Oman Crude Futures (OOSPOMAN) contract.
May shipments will sell at a discount of 70 cents a barrel to the Oman crude price that will be determined through trading on the Dubai Mercantile Exchange, according to an e-mail from the emirate’s Department of Petroleum Affairs today.
Oman sets its official selling price based on trading on the DME, an exchange part owned by that country’s sovereign wealth fund and by Chicago-based CME Group Inc. (CME) Those two shareholders said this week the will invest an undisclosed amount in the DME, boosting their holdings.
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