South Africa Plans First Strategic Oil Reserve Boost Since 1970s, Targeting Supply Shocks
Updated
Updated · Bloomberg · Jul 13
South Africa Plans First Strategic Oil Reserve Boost Since 1970s, Targeting Supply Shocks
2 articles · Updated · Bloomberg · Jul 13
Summary
South Africa will increase its strategic oil reserves for the first time since the apartheid era, reviving emergency stockpiling after decades without a buildup.
The move is aimed at cushioning supply disruptions and strengthening energy security, adding to broader efforts across Africa to guard against oil-market shocks.
The country’s last major stockpile push came in the 1970s after UN sanctions over apartheid, which drove construction of the 45 million-barrel Saldanha Bay storage hub on the Atlantic coast.