22:51 - 13.07.2026

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July 13, Fineko/abc.az. The Republic of South Africa plans to boost its strategic petroleum reserves for the first time since the 1970s amid rising supply disruption risks and surging global prices.

According to a Bloomberg report, government estimates indicate that the country needs to purchase approximately 10 million barrels of crude oil. This acquisition aims to bring total reserves to around 36 million barrels, a volume sufficient to cover 60 days of domestic demand.

The project outlines the participation of the state and the national oil company in developing financing mechanisms. Additionally, it introduces an obligation for suppliers to maintain extra commercial stocks to back the national reserve strategy.