WBS Thought Leadership: SA's fuel supply and the Iran war: data black holes and low strategic stock put the country at risk
The supply of crude oil to the world had been reduced by about 7.5% to 10.1% by March 2026 in what the World Bank described as the largest oil market disruption in history. The fall was a result of the attacks on Iran by Israel and the US and the subsequent closure of the Strait of Hormuz.
No country was spared the impact. For some the economic fallout has been dramatic. In the case of South Africa, which imports all its oil and 81% of its petrol, diesel and paraffin consumption, the effects have so far been felt mainly in the price. This has caused the government to subsidise petrol and diesel.
In this article, Prof Rod Crompton and Dr Bruce Young explore the problems with official data, the mismanagement of strategic stock and the possibility of developing domestic oil and gas supplies.
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