DUBAI – DME has now reached the 4 billion barrel mark, with a total of 4 million contracts (4 billion barrels) traded on the Exchange. The milestone comes just 10 months after the DME passed the 3 billion mark and continues the trend of strong trading growth on the Exchange.

The 4 millionth trade on the Exchange took place at 12:28 pm Dubai Time on Fe. 5 between Japanese trading house Mitsubishi Corp, and the Anglo–Swiss multinational commodities trader, Glencore, highlighting DME Oman’s position as the most credible benchmark for oil trading for the Asian markets.

DME Oman remains the largest physically delivered crude oil futures contract in the world, with the Exchange trading the equivalent of more than 1 billion barrels of oil for the first time in one year during 2012.Christopher Fix, Chief Executive of the Dubai Mercantile Exchange, said: "After delivering strong trading growth in 2012, DME has sprinted out of the blocks at the start of 2013, with record window volumes helping us pass the 4 billion barrels traded mark. The fact that our 4 millionth trade was carried out between one of Asia’s largest trading houses and one of the world’s largest commodities traders, underlines how we are attracting increasing amounts of quality liquidity to DME.”

"With the increasing influence of countries such as China and India on global crude oil markets, DME is perfectly positioned to bridge these two sub-continents and provide the only appropriate benchmark for, and gateway into, the rapidly expanding East of Suez crude oil corridor."

A spokesperson at Mitsubishi Corp said: “Mitsubishi Corp is happy to have contributed to DME’s success in trading their 4 millionth contract. Mitsubishi Corp believes there is a need for a transparent and liquid benchmark futures contract for Middle East crude oil to ensure a fair price for all market participants. To this end, we are a steady participant in the DME Oman market and a supporter of the continued success of the DME.” – SG