LeaverÆs promotion to CEO of the DME had been previously announced as part of the exchangeÆs management succession plan in May 2008. Outgoing CEO King played a critical role in the creation of the DME and the establishment of Oman Crude Oil Futures trading. The Omani futures are the only physically delivered sour crude contracts in the Middle East, according to the DME.
Since the DMEÆs launch, the Oman Crude Oil Futures have risen from an opening price of $64.09 on June 1, 2007, to $106.35 (on September 2) per barrel for November delivery.
Omani crude is a new oil benchmark for shipments to Asia, similar to the West Texas Intermediate and the Brent Blend benchmarks in the US and Europe. The DME hopes Omani crude will replace Dubai Crude, or Fateh, as the benchmark for Asia shipments.
Few changes are expected at the DME under LeaverÆs leadership. ôI am confident that Leaver will build on the successes achieved to date and lead the exchange through its next phase of development and growth,ö says chairman of the DME, Ahmad Sharaf.
Leaver brings more than 30 years experience primarily in the oil and gas industry to the DME.
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