Dubai Petroleum sets August OSP at DME Oman minus $0.20/b

London, (Quantum Commodity Intelligence) – Dubai's Department of Petroleum Affairs has set the official selling price for Dubai crude loading in August largely within expectations at a discount of $0.20 per barrel to the average settlement of August Oman crude futures traded on the Dubai Mercantile Exchange in June 2021, when August is the front-line month.

The July Dubai crude OSP differential was set last month at a discount of $0.30/b to the July DME Oman crude futures settlement in May.

Dubai production is typically three to four cargoes of 500,000/b per month but still plays a role in the Dubai benchmark, which takes its nomenclature from the Dubai grade.

Dubai typically trades at a discount to Oman, which is reflected in the OSP discount to DME Oman.

Dubai cash for July delivery was assessed at $66.23/b on May 24 (1630 Singapore time), up $3.03/b from Friday's Singapore close, while DME Oman futures for July settled at $66.43/b at the Asia close, up $3.18/b.