Non-OPEC producer Oman intends to pump an average of 1mb/d in 2017 despite the 45,000b/d production cut it had pledged with the OPEC-non-OPEC deal, a senior official at the Oil and Gas Ministry said, according to Oil Price.

In related news, the price of Oman Crude Oil Financial Contract, DME Oman, for April delivery, closed at $55.12 a barrel at Dubai Mercantile Exchange, Zawya informed.

DME Oman crude oil is a benchmark for pricing crude oil by the countries that produce it, and it gives them a differential price that reflects the quality of the product.

The Dubai Mercantile Exchange is a premier energy-focused commodities exchange, and home to the world’s third crude benchmark. It is a joint venture between Dubai Holding, Oman Investment Fund and CME Group.

A number of global financial institutions and energy trading firms have equity stakes in the DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.