The Dubai Mercantile Exchange (DME), the main energy trading venue in the United Arab Emirates, announced yesterday a new record average daily trading volume (ADV) of 7,450 lots in November, equivalent to about 7.5 million barrels of crude oil per day.

The DME saw a considerable increase of 80% in total trading volume in November 2013, compared to the same month last year, representing a 16% increase from last month.

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The DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group, with other major energy and financial trading firms such as Goldman Sachs, JPMorgan and Shell as shareholders. The exchange lists the Oman Crude Oil Futures Contract as its flagship contract, which serves as a crude oil benchmark for the region.

As Forex Magnates reported in July, the DME’s previous record ADV was set at 7,381 lots. Yearly ADVs have grown steadily since the DME was launched in June 2007, growing from 4,667 last year to 6,350 this year to date.

The DME has also set two successive records for open interest in November. The records were set on the 25th and 26th of November, with the highest level established at 24,750 lots, equivalent to almost 25 million barrels of crude oil. Ahmad Sharaf, Chairman of the DME, commented in the announcement: “DME has had an excellent 2013 and has surpassed every previous record set by the Exchange. We are now looking to 2014 and we firmly expect to continue the DME’s strong growth trajectory.”

Additionally, a record number of active participants trading at the DME was set. Christopher Fix, CEO of the DME, commented in the announcement: “New traders are joining the Exchange every month and this is evidence of our growing status globally. The involvement of a large number of companies in the price discovery process is also a solid guarantee of fair pricing for buyers and sellers of Oman crude oil.”