French President Emmanuel Macron has secured the delivery of an additional 200,000 tonnes of diesel per month from the United Arab Emirates and Bahrain during a tour of the Gulf, the French presidency said on Tuesday.
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Macron obtained commitments for around 100,000 tonnes per month from the Emirates, while an additional 100,000 monthly tonnes will be secured during his stop in Bahrain, the Elysée Palace said.
Arriving in Bahrain's capital Manama on Tuesday, Macron was greeted by crowds of schoolchildren waving French and Bahraini and flags.
Macron is undertaking a tour of key energy suppliers in the Gulf in an effort to secure oil and diesel supplies and bring down prices in France, following a weekend of violent protests sparked by soaring living costs.
Presidential advisers on Tuesday expressed satisfaction with the quantity of diesel secured, while Patrick Pouyanné, head of French oil giant TotalEnergies, who is accompanying Macron on the trip, said the deals would "reassure the French".
France has also released 10 million barrels of diesel from its reserves, with the aim of cutting prices by 12 to 18 cents, or around 5 to 8 percent, from next month.
With the addition of deliveries from Saudi Arabia, France has commitments for 295,000 tonnes per month, representing around 10 percent of its consumption, the presidency added.
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Bypassing Strait of Hormuz
Macron's four-day trip includes stops in the UAE, Bahrain, Kuwait and Qatar – all of which have been thrown into turmoil since February by the United States-Iran war.
Crude oil prices have soared during the eight-month conflict, as Iran blockades the Strait of Hormuz, the main exit route for the Gulf's energy exports.
The G7 countries, chaired this year by France, agreed in early October to draw up to 100 million barrels of oil from their strategic reserves to ease pressure.
Kuwait has also given "very clear commitments" to deliver diesel and kerosene to the French overseas territories of Mayotte and Reunion in the Indian Ocean, the French presidency said.
The shipments will be sent via Oman, bypassing the Strait of Hormuz, it added.
Talks are under way with countries in the region to bring down maritime insurance prices so that companies can ship greater quantities through the strait at lower cost, the palace said.
"In this way, we are strengthening our energy security with these long-term commitments from our partners," it said.
France and the United Kingdom have assembled an international mission to help reopen the Strait of Hormuz – mainly through de-mining operations – once the US and Iran reach an agreement on the waterway. However, the two sides remain at an impasse.
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Macron will also hold talks on defence cooperation, after the Gulf countries were targeted by thousands of Iranian missiles and drones.
Yemen's Houthis have compounded the pressure by firing on Saudi tankers in the Red Sea, striking the kingdom's oil sites and carrying out deadly attacks on Riyadh's international airport.
France deployed its aircraft carrier Charles de Gaulle to the region in the spring, along with Rafale fighter jets, a frigate and air defence assets.
Macron also sent French soldiers to protect Yanbu, an oil terminal on Saudi Arabia's Red Sea coast which has become a vital conduit for exports.
(with AFP)