South Africa is building strategic oil reserves for the first time since apartheid.
1970s:
→ UN sanctions over apartheid cut South Africa off from global oil markets
→ Forced the construction of the 45 million barrel Saldanha Bay storage hub on the Atlantic coast
Now:
→ First reserve build-up since then
→ Part of a broader wave of African nations adding buffers against supply shocks
It took a global embargo to build this reserve the first time. It's taking Hormuz to refill it.
$CL
$BZ
WTICrudeTouches$73
1970s:
→ UN sanctions over apartheid cut South Africa off from global oil markets
→ Forced the construction of the 45 million barrel Saldanha Bay storage hub on the Atlantic coast
Now:
→ First reserve build-up since then
→ Part of a broader wave of African nations adding buffers against supply shocks
It took a global embargo to build this reserve the first time. It's taking Hormuz to refill it.
$CL
$BZ
WTICrudeTouches$73
