Oil Updates — Oil slumps $6 a barrel; China imports 2m barrels of Iran oil; Total JV makes oil discovery off Suriname coast

China has received a new shipment of nearly 2 million barrels of Iranian oil in the past week. (Shutterstock)
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Updated 22 June 2022
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Oil Updates — Oil slumps $6 a barrel; China imports 2m barrels of Iran oil; Total JV makes oil discovery off Suriname coast

RIYADH: Oil prices skidded more than $6 a barrel on Wednesday amid a push by US President Joe Biden to bring down soaring fuel costs, including pressure on the country’s major energy firms to help ease the pain for drivers during peak summer consumption.

By 0718 GMT, US West Texas Intermediate crude futures were off lows but still down $5.98, or 5.46 percent, at $103.54 a barrel. Similarly, Brent crude futures dropped $5.67, or 4.95 percent, to $108.98 a barrel.

China imports 2 million barrels more of Iran oil

China has received a new shipment of nearly 2 million barrels of Iranian oil in the past week at a southern port, according to shipping trackers, with one saying the cargo is destined for state reserves.

The 260,000-ton cargo, carried by vessel Dorena which is owned by the National Iranian Tanker Corp., was discharged at Zhanjiang port, according to shipping tracking specialist Vortexa Analytics as well as US advocacy group United Against Nuclear Iran, which specializes in tracking Iranian oil flows.

A Vortexa analyst told Reuters the cargo was for state reserves. Previous imports of Iranian oil for China’s state reserves have also been facilitated by NITC vessels and discharged at Zhanjiang.

The cargo would be the fourth such shipment designated for state reserves since last December, and is likely to be reported by Chinese customs which is due to release detailed commodities import data for June next month.

Total JV makes oil discovery off Suriname coast

APA Corp. said on Tuesday its joint venture with France’s TotalEnergies SE has made an oil discovery at an exploration well off the coast of Suriname.

APA has a 50 percent working interest in the block where the oil discovery was made, with TotalEnergies the operator and the holder of the remaining stake.

The discovery is close to a massive oil field found by an Exxon Mobil Corp.-led consortium in Guyana, that was estimated to hold nearly 11 billion barrels of oil equivalent.

The APA-Total joint-venture is at present drilling the Dikkop exploration well in the center of Block 58.

(With input from Reuters)


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.