CME Group plans to begin selling WTI-Dubai future contracts as early as next month, according to Reuters.

The future contracts will track the spread between West Texas Intermediate (WTI) and Platt’s Oman-Dubai benchmark, the news agency reports.

“The WTI-Dubai spread we are launching provides an instrument to lock the differential between WTI and Dubai,” Nicholas Dupuis, a Senior Director at CME Group, said.

If the company receives the necessary regulatory approval, sales could begin next month. The contracts will be for 1,000 barrels of crude, according to Reuters.

The rebounding of the US oil industry and the self-imposed production cuts of many Middle Eastern oil producers are causing many Asian purchasers to reconsider their dependence upon Middle Eastern crude, Dupuis indicated.

In January, OPEC and a number of non-OPEC oil producers, such Oman, Bahrain, and Russia, agreed to cut crude production by 1.8 million barrels per day. With global supplies shrinking, Saudi Arabia and the UAE recently announced price hikes for their crude exports to Asia.

CME Group is an American company that specializes in marketplace transactions.