Dubai to price physical oil against DME Oman futures

The Dubai Department of Petroleum Affairs has announced that it will set its official monthly selling price (OSP) for physical crude based on a differential to the settlement price of the Dubai Mercantile Exchange's (DME) Oman crude oil futures contract.

Traditionally, Middle Eastern producers have priced physical cargoes at a differential to published estimates of Dubai/Oman prices, typically set retroactively for the previous month. In moving to pricing based on futures contracts, the OSP for

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