Dubai Crude Oil Price

How the dubai crude oil price has moved across key timeframes. Change is calculated from the opening price of each period to the current price.

Dubai crude is a medium sour grade produced in the United Arab Emirates and the primary pricing benchmark for crude oil exported from the Middle East to Asia. Saudi Aramco, Kuwait Petroleum, and other Gulf producers use the Dubai benchmark to set their Official Selling Prices (OSPs) for Asian buyers. Dubai crude trades on the Dubai Mercantile Exchange (DME) and through OTC forward contracts assessed by S&P Global Platts.

Dubai crude production began in 1966 from the Fateh offshore field, making the UAE one of the first Gulf states to export oil. As Asian crude imports grew through the 1980s and 1990s, Dubai naturally became the reference grade for Middle East to Asia trade due to its consistent quality and the transparency of its pricing mechanism. The Dubai Mercantile Exchange launched in 2007, providing electronic futures trading. The Platts Market-on-Close assessment process, which establishes daily Dubai and Oman benchmark prices, became the standard for physical crude pricing in the region. Today, Dubai is one of the three most important global crude benchmarks alongside Brent and WTI.

Dubai crude is refined into the full range of petroleum products, including gasoline, diesel, jet fuel, and fuel oil. Its medium sour characteristics (higher sulfur, lower API gravity than Brent or WTI) make it particularly suitable for complex refineries in Asia that are designed to handle heavier, more sulfurous feedstock. Dubai pricing directly influences fuel costs in China, India, Japan, South Korea, and Southeast Asia, home to the world's fastest-growing energy demand. National oil companies across the Gulf set their monthly OSPs as differentials to the Dubai benchmark.

Dubai crude comes from offshore fields in the Persian Gulf, primarily operated by the Dubai Petroleum Establishment. The UAE as a whole produces approximately 3.2 million barrels per day, though the Dubai grade itself represents a relatively small share of total UAE output (most comes from Abu Dhabi's Murban grade). The Dubai benchmark's importance extends far beyond its physical production volumes because it serves as a pricing reference for all Middle Eastern crude grades exported eastward. OPEC+ production decisions by the UAE, Saudi Arabia, and other Gulf members directly influence Dubai pricing.

Dubai crude prices are determined through the Platts Market-on-Close (MOC) assessment window and DME futures trading. Prices are quoted in USD per barrel. Key drivers include OPEC+ production quotas, Asian refinery demand (especially seasonal turnaround cycles), Strait of Hormuz geopolitical risk, Saudi OSP adjustments, the Dubai/Brent spread (which reflects the relative value of sour vs. sweet crude), Chinese strategic petroleum reserve purchases, and Indian refinery import patterns. The Dubai benchmark is most active during Asian trading hours.

Direct Dubai crude exposure is available through DME Oman crude futures, which are deliverable and closely track Dubai pricing. Most retail investors access Middle Eastern oil exposure through Brent-linked products (ETFs, futures) given Brent's higher liquidity. Energy-sector ETFs focused on Middle Eastern or emerging-market producers, and shares in Gulf-listed national oil companies (Saudi Aramco, ADNOC Distribution), provide regional exposure. The Dubai/Brent spread is actively traded by commercial hedgers and commodity trading firms.