Trading on the Dubai Mercantile Exchange of the Oman Crude Oil Futures Contract (DME Oman) continues to grow. The contract could be impacted by issues facing Oman’s downstream and upstream sectors, which Muscat’s sweeping energy sector review is expected to address (MEES, 1 February).
Oman’s crude exports have steadily increased in recent years, to about 790,000 b/d last year. The ongoing upgrading of its oil infrastructure could further boost the Omani physical oil market underpinning the DME Oman, its proponents say. Muhammad al-Rumhy, Minister of Oil and Gas, said of a planned pipeline and second export terminal at a deep-water, Indian Ocean port: “The pipeline to Ras Markaz terminal will further boost the export of Oman blend and increase the reliability of crude supply to the market.” (CONTINUED - 791 WORDS)