Abstract
South Africa relies heavily on imported crude oil. Domestic sources and available substitutes alone cannot satisfy the country’s current demand, resulting in imported crude oil accounting for over 90% of South Africa’s requirements. This high level of dependence on imported crude oil exposes the economy to potential events that either interrupts supplies or leads to higher oil prices thereby undermining economic growth and development. Widening diversity of supply, demand-side measures and maintaining strategic inventories will strengthen energy security.
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