Muscat: This uptick is attributed to increased demand in Asian markets, with new participants joining the oil price discovery mechanism through the Oman crude oil futures contract.

During the first three months of this year, the DME facilitated the trading of a substantial 321 million barrels of crude oil, showcasing a 12 per cent increase compared to the previous quarter. Notably, trading activities for the delivery month witnessed a robust 17 percent rise, reaching a total of 236 million barrels. This surge in trading volumes underscores the escalating demand and market dynamics prevalent in the Asian region.

The actual delivery of crude oil also saw a positive trajectory, with over 57 million barrels delivered in the first quarter of this year, marking a 2 per cent increase from the preceding quarter. Raed bin Khalifa Al Salami, the Director General of the DME, emphasized that these delivery volumes accurately reflect the flourishing economic climate in Asia, driven by impressive growth rates in these markets.

Al Salami highlighted the growing interest among traders in the Oman futures contract and its pivotal role in global oil markets. He emphasized its significance as an essential tool for hedging and managing financial risks, particularly during market fluctuations. The substantial annual increase in trading volumes underscores traders’ confidence and reliance on the Oman futures contract as a reliable benchmark in the energy sector.