Business

Gulf Mercantile Exchange (GME), the leading commodity exchange in the Middle East, has reported substantial growth in trading and delivery volumes for 2024, marking a successful year that underscores its prominence in the global oil market.

GME recorded an 8% increase in physical delivery volume, rising from 201 million barrels in 2023 to 217 million barrels in 2024. Trading volume for the front month saw an impressive 20% surge, with 965 million barrels traded compared to 800 million barrels in the previous year. Additionally, October 2024 saw a 29.26% increase in total exchange volume, with 116,931 contracts traded, up from 90,462 contracts in September 2024.

The consistent growth in trading and delivery volumes is a testament to the exchange’s credibility as a primary platform and a trusted price indicator for Middle Eastern crude oil exports to Asia. Currently, GME Oman benchmarks over 5 million barrels of crude oil daily for regional production destined for Asian markets.

Raid Al-Salami, Managing Director of GME, expressed pride in the exchange’s achievements, stating, “The continued growth in both physical delivery and trading volumes is a testament to the trust our clients place in our exchange and the integrity of GME Oman. We remain committed to delivering exceptional service and fostering transparency in the oil market.”

Looking ahead, Al-Salami emphasized GME's commitment to enhancing services and broadening its influence in the global oil market, ensuring it remains responsive to the evolving needs of customers and regional oil producers.

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