DME Oman crude up over 100% since production cuts implemented

Oman crude oil Benchmark trading on the Dubai Mercantile Exchange, DME, has doubled in price since the record cuts agreed by the OPEC+ group and other major producers were implemented in time for May loading schedules.

DME said in a statement that front-month July DME Oman Marker Price on Friday was US$34.95/b, up $18.13/b from the record low of $16.82/b on 28th April – an increase of 108 percent.

The Marker Price is used by Middle East producers, which include Saudi Arabia, Kuwait, Bahrain, Oman and Dubai in calculating the Official Selling Price.

Middle East prices have also risen faster than those in Europe, with DME Oman trading at nearly $3/b over the Brent North Sea benchmark on Friday, the statement added.