Oman: GME marks first trade on ACE
MUSCAT: Gulf Mercantile Exchange (GME), the leading international energy futures and commodities exchange in the Middle East, announced the first trade on its Alternative Crude Ecosystem (ACE). This innovative bilateral trading platform allows market participants to trade multiple crude grades seamlessly through the exchange.
For the first time, Oman, Al Shaheen, Basrah Medium, Basrah Heavy, Dubai, Murban, and Upper Zakum, are all accessible on a single platform as differentials against the GME Oman sour crude futures benchmark. The milestone trade involved 500 contracts of Oman Crude Oil for delivery in May 2025.
ACE provides traders with a groundbreaking opportunity to engage in bilateral trading of various Middle Eastern crude grades against GME Oman Futures. This functionality enhances market efficiency by enabling participants to execute multiple Over-the-Counter (OTC) crude transactions as differentials, further strengthening the role of GME Oman as a key benchmark.
"The first ACE trade represents a significant evolution in the region's crude trading landscape," said Raid al Salami, Managing Director of GME. "For the first time, market participants can access a seamless, transparent, and efficient platform that integrates both futures and OTC trading. This empowers traders to optimize their portfolios, manage exposure across multiple crude grades, and capture new opportunities in an evolving energy market."
With this latest offering, GME continues to reinforce its position as a global leader in energy trading, providing innovative solutions that meet the needs of the market while upholding the integrity and reliability of the GME Oman benchmark.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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