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Dubai to link crude price to DME Oman contract
- United Arab Emirates: Tuesday, June 23 - 2009 at 14:59
The Dubai Mercantile Exchange (DME) confirmed on Tuesday that the Dubai Department of Petroleum Affairs will set the official monthly selling price for the Emirate's crude oil based on a differential to the settlement price of the DME's Oman Crude Oil Futures Contract. Dubai has traditionally acted as the benchmark crude oil for Middle East producers, who price cargoes at a differential to published estimates of Dubai/Oman prices, typically set retroactively for the previous month. In moving to futures pricing, the OSP for month "M" will now be set in advance, with the differential set in M-3, and the final OSP calculated at the end of M-2.
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