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Dubai October Oil Discounted 
30 Cents Off Oman Crude

DUBAI - Dubai oil, an Gulf benchmark for Asia, will sell at a discount of 30 cents to Omani crude for October, the emirate’s Department of Petroleum 
Affairs said.

The official selling price for cargoes loading in October will be set at a discount to the Oman futures contract traded on the Dubai Mercantile Exchange for that month, the Department of Petroleum Affairs said today in an e-mail provided by the exchange. The final price will be set on the last day of trading for the contract, when the Oman level is calculated. The September Oman contract fell $1.96 cents to $65.38 a barrel at 12:30 p.m. in Dubai. September will mark the first time Dubai oil will be priced on 
a forward basis.

The emirate used a form of so-called retroactive pricing that set the level as much as two months after the cargoes were loaded. The Department of Petroleum Affairs issues the differential on the last Thursday of every month to apply to the closing three months ahead. The Dubai Exchange’s futures contract is used to set the official selling price for Oman’s 728,000 barrels 
a day of supplies.