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Article: Dubai changes crude pricing system
- Article from:
- AP Worldstream
- Article date:
- June 23, 2009
- Author:
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Dubai will link its crude oil's official selling price to the Oman futures contract traded on the Dubai Mercantile Exchange, a move experts said Tuesday sought to boost transparency in the market and help the exchange strengthen the contract's benchmark status in the region.
The move comes as the Dubai exchange has being trying to gain clout in the region for some time and has encouraged other Gulf Arab oil producers to come on board.
But it's been a hard sell, with most crude using benchmark North Sea and U.S. light sweet crude, as well as the weight traders place on crude price assessments published by leading industry news services like Platts, a division of U.S. ...