The Dubai Mercantile Exchange (DME) has achieved significant growth in physical deliveries, delivery month trading volume and total trading volume during the first six months of 2024, compared to the second half of 2023.
The volume of futures trading on the Dubai Mercantile Exchange for the delivery month during the first six months of this year increased by 31% to reach 505 million barrels compared to 385 million barrels in the second half of 2023.
Actual delivery volume in the first half of 2024 also increased by 9% to reach 113 million barrels, compared to 104 million barrels in the second half of 2023, according to a press release.
Total trading volume also witnessed a significant growth of 21% to reach 680 million barrels compared to 562 million barrels in the second half of 2023.
This outstanding performance during the first half of 2024 has consolidated the DME’s global position in the field of trading energy contracts in markets located in Asia, and the Oman crude futures contract contributes to pricing more than 36% of the total Middle East crude exported to Asian markets, compared to 8% in 2007.
Raed bin Khalifa Al Salami, Director General of the Dubai Mercantile Exchange, said: “We have achieved exceptional results during the first half of 2024, which confirms our firm commitment to transparency and our focus on customer service, which has enhanced the overall value of our market share.”
He added: We are optimistic and seek to continue working with this momentum in order to achieve more positive results that reflect the success of this exchange in providing a transparent pricing index for crude oil in the region.
