OPEC's export earnings are expected to jump by a third, or US$177 billion (Dh650.06bn) this year, according to the latest figures from a US government agency.
Crude oil is just one of several commodities to have rallied in the face of slow global growth, partly driven by the decline in the value of the dollar and expectations of growing inflation. These factors make assets such as oil, gold, cotton and sugar more attractive to investors, since they become cheaper in other currencies and are believed to provide protection against rising prices.
OPEC earned $613bn in the first 10 months of this year, against $452bn a year earlier and is already far above its total earnings last year of $570bn, according to the Energy Information Administration (EIA). Net oil export revenues are projected to end the year higher at $748bn, equivalent to a jump of $177bn on last year, the figures showed.
Oil traded at two-year highs this month, hitting $87.22 per barrel. Barclays Capital has forecast that oil prices will reach $90 before the year is out and top $100 per barrel next year.
In Abu Dhabi, which is expected to export about 700 million barrels of oil this year, higher prices translate into about $9bn of extra cash.
The EIA also raised its estimate for OPEC's oil income next year to $840bn, from a previous forecast of $805bn.
"Overall it's a win-win situation and I expect OPEC revenues to go higher compared to last year," said John Sfakianakis, the chief economist at Banque Saudi Fransi. "My view is that the dollar will continue to strengthen in coming weeks and break the $1.30 barrier against the euro in 2011, which will give a boost to the confidence in the region."
Gold has also benefited from the shift in speculative capital into commodities. It rallied to an all-time nominal high of $1,424.10 a troy ounce this month before slipping to $1,337.10 an ounce this week.
"Gold has gone up significantly because it is seen as a safe haven in times of dollar volatility," said Eric Hasham, the chief executive of the Dubai Gold and Commodities Exchange.
Gold volumes on the Dubai exchange have doubled so far this year, reaching 4 tonnes a day from 2 tonnes a day at the start of the year.
"The more movement in the price [of a commodity], the more volume activity from investors and the more liquid we become, which makes us more successful," said Mr Hasham.
Elsewhere, precious metals reached multi-year highs as investors turned to silver and palladium.
Silver, which is often overshadowed by gold, has been one of the best performers in the market, reaching a 30-year peak and hitting $29 per ounce during intraday trading on November 9. It slipped to $25.17 per ounce yesterday.
Silver, which is gaining more interest from investors aside from its main industrial use, has gained 49.3 per cent year to date - the second largest commodity gain after cotton.
Palladium has gained 53.9 per cent so far this year, hitting $740.50 a troy ounce at its peak on November 9.
Although this year has been volatile for agricultural commodities, soft commodities have outperformed the rest of the market. In the past month, cotton hit 15-year highs to go above $1 a pound, sugar has risen to 30-year peaks of 33.32 cents a pound and coffee also rallied, with Arabica gaining 4.4 per cent to a 13-year high of $2.20 a pound in the past month.
fhalime@thenational.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
TO ALL THE BOYS: ALWAYS AND FOREVER
Directed by: Michael Fimognari
Starring: Lana Condor and Noah Centineo
Two stars
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Score
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
New Zealand lead three-match ODI series 1-0
Next match: Zayed Cricket Stadium, Abu Dhabi, Friday
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
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Company%20Profile
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Company%20Profile
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
