MCX Crude Oil Options Register Record Turnover of Rs.716 Crore which Coincides with its First Anniversary
The upward trend in the graphical representation below amply demonstrates the crude oil options trading performance and its popularity amongst stakeholders.
The market has been partaking the benefits by widely accepting crude oil options with growing uncertainty in the global geo-political scenario, which in turn necessitating the need and also enhancing the utility of crude oil options to the stakeholders.
Speaking on the development, Mr, P. S. Reddy, MD & CEO, MCX said, “We are delighted that crude options has received such a great response, which also coincides with its launch anniversary, i.e. May 15, 2019. Paired with MCX’s existing energy product suite, the crude options contract draws an equally strong appeal from the market participants who increasingly rely on the MCX for their diverse requirements. Further, the success and well acceptance of such products gives us the confidence to continue to focus on creating long-term value for our stakeholders.”
Crude oil is one of the world’s most widely used commodities. After refining, crude oil can be made into a variety of products such as fuel oil, petrol and diesel. In FY18 crude oil Imports stood at 220.4 MMT, which increased to 226.6 MMT in FY19 (P) valued at USD112 billion compared to USD 87.8 billion in FY18. Imports increased to 83.7% from 82.9% of the country’s total oil demand in FY19 (P). The oil production in India stood at 34.2 million metric tonnes (MMT) in FY19 (P).