Omani Ministry of Oil and Gas (MOG) successfully sold a cargo of blend crude via DME auctions, achieving a premium above the Official Selling Price (OSP), according to Oman Observer.
MOG sold the 2-million-barrel cargo at a premium of $0.25 per barrel over the December OSP. The cargo is supposed to be loaded in December.
“Once again DME auctions proved to be the ideal platform and the most transparent mechanism to buy and sell spot cargoes,” Raid al Salami, DME Managing Director, said, adding that “it gives buyers an equal opportunity to access the extra crude oil in the market and transact cargoes in just two minutes. The platform has auctioned 41.6 million barrels from four different grades, including Oman Crude Oil, Basrah Light, Basrah Heavy, and Kimanis, and generated premiums of $17.8 million above the official selling price.”
It is worth noting that the auctions included around 14 participants with 17 active bids.