Dubai Mercantile Exchange hosted its latest auction on Monday, January 29, 2018, on behalf of Iraq's National Oil Company, SOMO.
The 2-million barrel cargo of Basrah Light was awarded at a premium of $0.42 per barrel over the March 2018 Basrah Light Official Selling Price (OSP). 25 companies have participated in the auction with 16 bids received during the two-minute auction.
In January 2018, DME auctioned a total of 6 million barrels for 3 different crude oil grades; including Oman Blend, Basrah Light, and Basrah Heavy. This generated premiums of nearly $2 million.
DME Auction was launched in 2016 in a bid to provide a transparent spot commodity auction system for the first time in the Middle East.
DME - Dubai Mercantile Exchange Limited published this content on 29 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 January 2018 09:19:07 UTC.
Original documenthttp://www.dubaimerc.com/news/details/MARCH-2018-BASRAH-LIGHT-CARGO-SOLD-AT-OSP-0.42-ON-DME-AUCTIONS-PLATFORM
Public permalinkhttp://www.publicnow.com/view/FFA728350005935D0309E7D508C3D9A92E69589E
