South Africa is running out of strategic oil reserves

• South Africa has only 6.9 million barrels of oil left in its strategic fuel fund – enough for about 30 days of refining at 200,000 barrels per day.
• The Strategic Fuel Fund was created in response to Apartheid-era international oil sanctions and Middle Eastern supply risks, and was established in 1964.
• The Department of Mineral and Petroleum Resources is publishing a draft Strategic Stocks Policy to improve the strategic stocks position by keeping both crude oil and refined products.