Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

global oil demand rose by 3 mbpd month-on-month in March to the highest level ever recorded by JODI-reporting countries (Shutterstock)
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Updated 18 May 2023
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Saudi Arabia’s crude oil exports rise to 7.52 mbpd in March: JODI data

RIYADH: Saudi Arabia’s crude oil exports increased by 68,000 barrels per day to 7.52 million bpd in March, from 7.45 mbpd in February, according to the latest report released by the Joint Organisations Data Initiative.

The figures show the Kingdom’s crude production also increased by 14,000 bpd in March to reach 10.46 mbpd.

It noted that Saudi Arabia’s crude inventories drew by 4.5 million barrels in March, while product inventories rose by 4.7 million barrels.

In April, the Energy Ministry said the Kingdom is voluntarily cutting its oil production by 500,000 bpd from May until the end of 2023.

Monthly figures for crude production and export are provided by Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries to JODI, which publishes them on its website.

According to the JODI report, global oil demand rose by 3 mbpd month-on-month in March to the highest level ever recorded by JODI-reporting countries, driven by growth in China and the US.

The report added that China’s total demand increased by 1.6 mbpd month-on-month to 16.79 mbpd — the third-highest level ever reported for the country in JODI.

Global crude oil production, however, fell by 0.5 mbpd in March, primarily driven by lower production in the US, China, Angola, Canada, and the UK.

The report said that global inventories of refined products fell by 39.6 million barrels in March, while crude inventories declined by 0.7 million barrels.

The combined natural gas demand of the EU and the UK declined by 3 billion cubic meters and was 16 percent below seasonal average levels. The region’s gas inventories drew by 4.96 bcm in March and stood at 54 percent full at the end of the month.

Notably, this month’s update from JODI did not include March data for Russia.

Earlier this month, the International Energy Agency raised its forecast for global oil demand by 200,000 bpd to 102 million bpd, noting that China’s recovery after the lifting of COVID-19 curbs had surpassed expectations with demand reaching a record 16 million bpd in March.


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.