South Africa’s strategic crude oil reserves have fallen to 6.9 million barrels, putting renewed focus on the country’s ability to withstand global fuel supply disruptions.
Newsday reports that Mineral and Petroleum Resources Minister Gwede Mantashe disclosed the figure while responding to a parliamentary question about petroleum security. He said the stock represented roughly 30 days of crude oil cover at the country’s current processing capacity.
Mantashe told Parliament that South Africa was not currently facing a fuel shortage, but acknowledged that reduced domestic refining capacity had increased the country’s exposure to international disruptions.
Reserves far below historical levels
Newsday reports that South Africa’s strategic crude oil stock peaked at 158.5 million barrels in the 1970s, enough at the time to cover about a year of national supply.
The current reserve of 6.9 million barrels is about 96% lower than that historical peak.
Newsday says the country’s strategic reserves declined over the decades as its refining capacity and emergency stockholding arrangements changed.
South Africa remains reliant on imports
Mantashe told Parliament that local refining capacity currently covers about 40% of the country’s needs, while roughly 60% is imported.
He said government has diversified sources of supply to reduce dependence on any single region, particularly amid instability affecting global oil markets.
South Africa’s exposure to international petroleum markets was also evident in October’s fuel-price adjustment. Government said Brent crude averaged $101 during the review period amid US-Iran tensions, uncertainty around the Strait of Hormuz and lower global inventories.
Government plans bigger emergency buffer
Cabinet has already approved the publication of a draft Strategic Petroleum Stocks Policy aimed at strengthening the country’s energy security.
The proposed system would require the South African National Petroleum Company to maintain strategic reserves equal to 60 days of net imports of crude oil and refined products, eventually increasing to 90 days.
Government says the policy follows a 2024 study that identified weaknesses in South Africa’s stockholding arrangements and the need to rebuild domestic refining capacity.
For now, Mantashe maintains that fuel supplies remain stable, despite the country’s comparatively small strategic crude reserve.