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Article: United Arab Emirates: Dubai Mercantile Exchange seeks more oil producers.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
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Byline: manish03
The Dubai Mercantile Exchange (DME) is seeking more crude oil producers from the Middle East and East Asia to boost its liquidity, even as it continues to woo Saudi Arabia to use it as a marker, its CEO said on Tuesday.
Saudi support is crucial to the DME's success as a marker for 12 million barrels per day (bpd) of Gulf crude exported to Asia. But Saudi Arabia will only do so if the benchmark has been tested and has liquidity, which would mean that they could be the last to do so, industry sources had said.
Thomas Leaver, DME's chief executive officer, said its hopes to rope in the oil kingpin is still in the pipeline.