Middle East Economic Survey

VOL. LII

No 26

29-Jun-2009

OIL PRICES

Dubai To Base OSP On DME Oman Futures Contract

The Dubai Mercantile Exchange (DME) on 23 June confirmed that the Dubai Department of Petroleum Affairs (DPA) will set the monthly official selling price (OSP) for Dubai crude oil based on a differential to the settlement price of the DMEs Oman Crude Oil Futures Contract. Dubai has traditionally acted as the benchmark crude oil for Middle East producers, who price cargoes at a...