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FinancialNews
19-05-20
International reduction in crude production revives Omani oil prices
(MENAFN) Thanks to the entry into force of the OPEC+ Agreement, as well as the decision of major crude exporters outside the commission to implement an extraordinary reduction in the volume of crude production delivered in May, Omani oil prices have increased in futures contracts.
A statement issued by the Dubai Trading Exchange (DME) on Monday showed that compared to the record low on April 28 at USD 16.82, Omani crude closed the weekend trading in Friday's session, with the price of a barrel reaching USD 34.95 at the time of the settlement, representing an increase of 108 percent or USD 18.3 per barrel.
The DME also stated that Middle East crude prices rose faster than those on the European continent, with Brent North Sea crude selling at $3 in Oman during Friday's session.
DME Oman crude oil futures market is an authorized standard for five Middle East suppliers, which includes Dubai, Bahrain, Kuwait, Oman and Saudi Arabia.
MENAFN1905202000450000ID1100184566
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