DME Reports Robust Growth Across Physical Delivery, Trading, and Total Volumes in H1 2024
Dubai Mercantile Exchange (DME), the leading international energy futures exchange in the Middle East, has announced significant growth in physical delivery, front-month trading volume, and total exchange volume for the first half of 2024, compared to the latter half of the previous year.
During the first six months of 2024, DME's front-month trading volume surged by 31%, reaching 505 million barrels, up from 385 million barrels in the second half of 2023. Physical delivery volume increased by 9%, totaling 113 million barrels, compared to 104 million barrels in H2 2023. The total exchange volume saw substantial growth of 21%, reaching 680 million barrels, compared to 562 million barrels in the previous half-year.
This impressive performance has solidified DME's position as the main crude oil benchmark in the Asian market, reinforcing its global standing. The exchange's flagship Oman Crude Oil Futures Contract, DME Oman, now represents 36% of Middle Eastern crude heading to the Asian market, a remarkable increase from just 8% in 2007.
Raid Al-Salami, Managing Director of DME, commented on the growth, saying, "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 for the remainder of the year by continuously offering innovative solutions, maintaining absolute transparency, and closely monitoring developments in the global energy markets.
