Saudi Crude Oil Exports Fall to 5.6Mn Barrels Per Day

Oil prices hover near $65 a barrel (Reuters)
Oil prices hover near $65 a barrel (Reuters)
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Saudi Crude Oil Exports Fall to 5.6Mn Barrels Per Day

Oil prices hover near $65 a barrel (Reuters)
Oil prices hover near $65 a barrel (Reuters)

Saudi Arabia’s crude oil exports fell to their lowest in eight months in February, the Joint Organizations Data Initiative (JODI) said on Monday.

Crude exports fell to 5.625 million barrels per day (bpd), their lowest since June 2020 in February, from 6.582 million bpd in the prior month.

Monthly export figures are provided by Riyadh and other OPEC members to JODI, which publishes them on its website.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC) and allies, voluntarily cut output by one million bpd in February, March, and April as part of a deal with OPEC+ producers after new virus variants cast doubts over fuel demand.

Meanwhile, Oil prices edged higher on Monday, supported by a weaker US dollar but gains were capped by concerns about the impact on demand from rising coronavirus cases.

Brent crude settled up 28 cents, or 0.4 percent, at $67.05 a barrel, after rising six percent last week. West Texas Intermediate (WTI) US oil ended the session up 25 cents, or 0.4 percent, at $63.38 a barrel, having gained 6.4 percent last week.

The US dollar traded at a six-week low versus major peers on Monday, with Treasury yields hovering near their weakest in five weeks.

A weaker dollar makes oil cheaper for holders of other currencies.

However, COVID-19 cases have surged in India, the world’s third-biggest oil importer and consumer, dampening optimism for a sustained global recovery in demand.

India reported a record rise in infections, which lifted overall cases to just over 15 million, making the country the second-worst affected after the United States, which has reported more than 31 million infections.

“This new wave of measures, while so far likely to be less stringent than what we saw in March 2020, when gasoline and gasoil/diesel demand in the country fell by close to 60 percent, is nevertheless set to weigh on transportation fuel consumption,” consultancy JBC said.



France Signs Deals to Help Egypt’s Economy in Volatile Regional Climate

 Egypt's President Abdel Fattah al-Sisi (R) and French President Emmanuel Macron (L) attend the Egypt-France Business Forum, in Cairo, on April 7, 2025. (AFP)
Egypt's President Abdel Fattah al-Sisi (R) and French President Emmanuel Macron (L) attend the Egypt-France Business Forum, in Cairo, on April 7, 2025. (AFP)
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France Signs Deals to Help Egypt’s Economy in Volatile Regional Climate

 Egypt's President Abdel Fattah al-Sisi (R) and French President Emmanuel Macron (L) attend the Egypt-France Business Forum, in Cairo, on April 7, 2025. (AFP)
Egypt's President Abdel Fattah al-Sisi (R) and French President Emmanuel Macron (L) attend the Egypt-France Business Forum, in Cairo, on April 7, 2025. (AFP)

France and Egypt signed strategic partnership agreements on Monday, in areas covering health, transport and energy, which French President Emmanuel Macron said would help shore up Egypt's stability amid volatility in the region.

"Egypt is a strategic partner for our country," said Macron, speaking alongside Egypt's President Abdel Fattah al-Sisi at a news conference in Cairo.

"I would thus like to reaffirm France's commitment to ensuring the stability of Egypt given the context of a worsening climate in the region and as the Egyptian economy faces challenges," added Macron.

Macron said he continued to back talks between Egypt and the International Monetary Fund and the European Commission.

The IMF approved last month the disbursement of $1.2 billion to Egypt, which has been grappling with high inflation and shortages of foreign currency.

Macron added France's overseas aid development body would sign 260 million euros ($284.5 million) worth of loans and grants for Egypt in areas such as transport, health, water and energy.

Macron and Sisi also both reaffirmed their calls for a ceasefire to the fighting in Gaza and for the release of Israeli hostages.