Muscat – The sultanate’s Ministry of Energy and Minerals sold a cargo of 1mn barrels of Oman crude via the Dubai Mercantile Exchange (DME) auctions platform.

The barrel cargo of June-loading Oman crude was awarded at a premium of US$3.69 per barrel over the June official selling price of Oman crude.

The DME Auctions platform saw 17 participants with 31 active bids placed during the two-minute period. A total volume of 43.6mn barrels was auctioned, generating US$21.69mn in premiums, the DME statement said.

The official selling price of Oman crude is calculated on a volume-weighted average of daily DME Oman crude marker prices over the month.

DME Auctions aims to provide commodity market participants with the flexibility to buy and sell physical commodities via an electronic auction system. This offers customers the advantage of a transparent platform to trade commodities for immediate delivery.