Dubai Mercantile Exchange (DME), the premier international energy futures exchange in the Middle East, achieved a remarkable surge across physical delivery, front-month trading volume, and total exchange volume during the first six months of 2024 compared to the latter half of the previous year.
During this period, DME's front-month trading volume soared by an impressive 31% reaching 505 million barrels compared to 385 million barrels in the second half of 2023. Similarly, physical deliver volume for H1 2024 rose by 9% to 113 million barrels, up from 104 million barrels in H2 2023. Total exchange volume saw substantial growth of 21% touching 680 million barrels compared to 562 million barrels in H2 2023.
The stellar performance during the first half of 2024 has further cemented DME's position as the main crude oil benchmark in the Asia market while reinforcing its standing on the global level. DME's flagship Oman Crude Oil Futures Contract, DME Oman, now represents 36% of the Middle Eastern crude heading to the Asian market - a monumental growth from a mere 8% in 2007.
Commenting on the exemplary growth in trade volumes, Raid Al-Salami, Managing Director, DME, said: "The first half of 2024 has delivered outstanding results for us. It underscores our unwavering dedication to transparency and customer-centric approaches, which have strengthened our market share and overall value. We are optimistic about the remainder of the year and hope to build on this momentum to achieve further positive results that reflect the success of this exchange in providing a transparent pricing index for crude oil in the region. As we pursue excellence and continue delivering added value to crude oil producers and consumers, we also remain steadfast in our resolve to provide traders with the tools and opportunities to protect their investments in the global oil markets."
Looking ahead, DME is committed to sustaining this growth curve for the remainder of the year by continuously offering innovative solutions, maintaining absolute transparency, and closely monitoring the developments in the global energy markets.
