South Africa Plans Massive Oil Boost As US & Iran Battle Over Control Of Hormuz | Firstpost Africa

In response to escalating geopolitical conflicts and vulnerabilities along the Strait of Hormuz, South Africa’s Department of Mineral and Petroleum Resources has published a draft policy to bolster its strategic fuel reserves. This marks the nation's first major stockpiling initiative since the apartheid era. The ambitious plan mandates a 60-day state-held emergency reserve managed by the newly formed South African National Petroleum Company, totaling roughly 36 million barrels. Additionally, private licensed fuel wholesalers and importers must maintain a 21-day commercial reserve. This policy emerges as a critical shield for the economy, which has suffered from major domestic refinery closures and an illegal 2015 reserve sell-off. Officials warn that a severe fuel shortage could cost the country up to $ 60 million per day. The National Treasury is actively developing the necessary funding mechanisms. Alyson Le Grange brings you more on this story on Firstpost Africa. TIME STAMPS: 0:00 – Introduction 0:45 – Apartheid-Era Tactics Revived 1:30 – Breaking Down the Math 2:15 – Refinery Closures & Illegal Sales 3:00 – Financing the Energy Shield --- Ramaphosa | South Africa | South Africa Fuel Reserves | South Africa Energy Crisis | Strait Of Hormuz | South African National Petroleum Company | Firstpost Africa | Alyson Le Grange | Firstpost #ramaphosa #southafrica #straitofhormuz #oil #energy #fuel #oilprices #firstpostafrica #africa #alysonlegrange Firstpost is an Indian news and media website. Get all the incisive opinions, in-depth analyses and other visual stories that matter to you and the world right here on this channel. Subscribe to Firstpost channel and press the bell icon to get notified when we go live.    / @firstpost   Follow Firstpost on Website: https://www.firstpost.com Follow Firstpost on Instagram:   / firstpost   Follow Firstpost on Facebook:   / firstpostin   Follow Firstpost on X:   / firstpost   Follow Firstpost on WhatsApp: https://www.whatsapp.com/channel/0029...