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Oman oil price rally gains steam, vaults past $71 a barrel
By: Times News Service
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Muscat: Oman oil price rally continued on the Dubai Mercantile Exchange (DME) on Wednesday reaching $71.38. This comprises an increase of $1.78 from the price of Tuesday, which was at $69.60.
“The average price of Oman oil (June Delivery 2021) has stabilised at $63.10, thus $1.33 per barrel lower than May Delivery 2021,” the DME said on Wednesday.
DME is the premier international energy futures and commodities exchange in the Middle East and is the premier energy-focused commodities exchange in the East of Suez and home to the world s third crude benchmark.
Higher oil prices to pare Oman’s budget deficit to 6.1 per cent of GDP in 2021 Published: 9:27 PM, May 19, 2021 Salient feature: Fiscal policymaking has been “galvanised” under the government of His Majesty Sultan Haitham bin Tarik, says Fitch.
17-Omani-real-GDP-growth-to-strengthen-to-3.3pc-in-2022 -Fitch
@conradprabhu
Relatively buoyant oil prices, which have since bounced back to pre-pandemic levels, will help shrink Oman’s budget deficit to 6.1 per cent of GDP in 2021, down from a hefty 18.3 per cent of GDP in 2020, international ratings agency Fitch stated on Tuesday.
Omani crude is currently trading at prices that prevailed before the oil price shock triggered by the pandemic early last year.
DME Oman sets new record for physical delivery volumes
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Business Reporter -
MUSCAT, FEB 6 -
Continuing its strong start to 2017, the Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has achieved a new record for physical delivery with 36.8 million barrels of Oman crude oil scheduled for delivery through the Exchange in March 2017. The latest figure surpasses the previous record of 29.9 million barrels for February 2017 delivery.
The physical delivery record marks yet another milestone for DME which only last week reported a new open interest record of 40,505 lots for its flagship Oman Crude Oil Futures Contract following January 2017 trading activity.