Mubasher: The price of Oman crude oil futures has doubled since the oil production cut agreement by the OPEC+ group and other major producers was applied in time for May deliveries.

On Friday, 15 May, the price of Oman oil hiked by $18.3 per barrel or 108% to settle at $34.95 per barrel, compared to a record low of $16.82 on 28 April, the Dubai Mercantile Exchange (DME) announced on Monday.

The DME further remarked that the prices of the Middle East oil have increased faster than those in Europe, with Oman trading at nearly $3 per barrel over the Brent North Sea benchmark on Friday.

DME Oman crude oil futures contract is an official benchmark for five producers in the Middle East, comprising Saudi Arabia, Kuwait, Oman, Bahrain, and Dubai.