South Africa Raises Strategic Oil Reserve Target to 36 Million Barrels in First Major Stockpile Build Since Apartheid
South Africa is introducing a 36 million barrel strategic oil reserve, the first major stockpile expansion since the apartheid era, to cover 60 days of national demand. The Department of Mineral Resources and Energy proposed a split of roughly two-thirds crude oil and one-third refined products.
Under the proposal, licensed wholesalers and importers would be required to hold at least 21 days of inventory. The stockpile increase, worth billions of dollars based on 600,000 barrels per day consumption, forms part of broader regional efforts across the continent to mitigate energy supply shocks.
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@businessSouth Africa plans to increase its strategic oil reserves for the first time since the apartheid government stockpiled crude, adding to measures across the continent to mitigate supply shocks
@chigrlSouth Africa Plans First Strategic Oil Boost Since Apartheid South Africa plans to increase its strategic oil reserves for the first time since the apartheid government stockpiled crude, adding to measures across the continent to mitigate