The Dubai Mercant-ile Exchange (DME), dealing in international energy futures and commodities in the Middle East, witnessed a 20 per cent increase year-on-year in physical delivery volumes during 2016.
DME registered the highest physical delivery in the history of the exchange in 2016, shipping a total of 260.69 million barrels compared to 216.16 million in 2015. Average daily volume touched a new high in 2016 at 8,762 lots, an increase of 19 per cent over the previous year, while monthly delivery volumes rose 20.5 per cent to 21.72 million barrels. Physical delivery for the month of January is pegged at 28.51 million barrels and a record 29.89 million barrels are due for delivery in February .
“Over the last five years, DME has taken a number of measures aimed at enhancing our trading platform and physical delivery infrastructure, and our steady growth in volumes is a direct reflection of our success in offering customers a state-of-the-art, highly secure trading environment along with fair and transparent pricing,” said exchange chairman Ahmad Sharaf.
“With the balance of oil demand shifting eastwards, DME has successfully leveraged its position as the most credible source of pricing for oil trade flows in the region to expand its volumes and capitalise on the rapidly growing crude oil trade between the Middle East and Asia,” he added.