Dubai Mercantile Exchange Reports Surge in Trading Volumes for H1 2024

The Dubai Mercantile Exchange (DME) has announced substantial growth across key metrics in the first half of 2024, underscoring its pivotal role in the global energy markets.

Compared to the latter half of 2023, DME witnessed a notable 31 percent increase in front-month trading volume, totaling 505 million barrels. Concurrently, physical delivery volumes rose by 9 percent, reaching 113 million barrels.

Total exchange volume surged by 21 percent, culminating at 680 million barrels, reflecting robust activity and heightened market participation. DME's flagship Oman Crude Oil Futures Contract, DME Oman, now commands 36 percent of Middle Eastern crude exports to Asia, a remarkable ascent from its 2007 share of just 8 percent.

Raid Al-Salami, Managing Director of DME, expressed optimism about the results, attributing them to the exchange's commitment to transparency and customer-centric practices. He highlighted DME's role in providing a reliable pricing index for crude oil in the region, essential for producers and consumers alike. Looking ahead, Al-Salami affirmed DME's dedication to enhancing market efficiency and supporting global oil trading strategies.

The strong performance in H1 2024 underscores DME's growing influence in global energy markets, positioning it as a critical player in setting benchmarks and facilitating trade across the Middle East and Asia.

News Source: Emirates News Agency