Oil
Oil is a naturally occurring liquid fossil fuel composed primarily of hydrocarbons, extracted from underground reservoirs and refined into a wide range of products including petrol, diesel, jet fuel, heating oil and petrochemical feedstocks. It is the world's most traded commodity by value and remains the dominant energy source for global transport, accounting for more than 90% of fuel used in road, aviation and maritime sectors. The oil industry encompasses upstream exploration and production, midstream transportation and storage, and downstream refining and marketing activities. Major producing regions include the Middle East, North America, Russia and West Africa, with the Organisation of the Petroleum Exporting Countries (Opec) and its allies playing a central role in managing global supply. Oil prices are benchmarked against international markers such as Brent crude and West Texas Intermediate, and fluctuations significantly affect national economies, inflation and geopolitical stability. Demand is driven by economic growth, industrial activity and transport needs, while supply is shaped by reserve depletion, investment cycles, technological advances in extraction and political factors including sanctions and conflict. The sector faces long-term structural challenges from climate policy, the energy transition and competition from renewable energy and electric vehicles. Oil remains critical to petrochemicals, plastics manufacturing and lubricants even as its role in power generation declines. The industry has been central to global commerce since the late nineteenth century, when commercial drilling began in the United States and Russia.
Oil Updates
Strait of Hormuz Disruptions: The burden of oil price shocks on vulnerable economies
9th June 2026 Disruptions in the Strait of Hormuz are sending shockwaves through the global energy system. Vulnerable economies are on the front line: of 75... →
Oil prices climb more than $4 after Israeli strikes on Iran, Lebanon
By: Reuters 8th June 2026 Oil prices jumped more than $4 on Monday, with investors spooked by fresh Israeli strikes on Iran as well as renewed attacks on Lebanon a day... →
South Africa poised for first rate hike since 2023 on Iran war
By: Bloomberg 28th May 2026 South Africa’s central bank is set to raise borrowing costs for the first time in three years as policymakers seek to combat inflationary pressures... →
Shifting from fossil fuels will fail without funding for African industry and energy infrastructure
26th May 2026 Moving to renewable energy will fail unless wealthy nations help finance cleaner energy systems, industrialisation and local mineral processing... →
Nigeria economic growth slows slightly in first quarter
By: Reuters 25th May 2026 Nigeria's economy grew 3.89% year-on-year in the first quarter of 2026, down slightly from the final quarter of last year's 4.07% growth rate,... →
Global oil supply to plunge below demand this year on Iran war, IEA says
By: Reuters 13th May 2026 Global oil supply will not meet total demand this year as the Iran war wreaks havoc on Middle East oil production, the International Energy Agency... →
Commodity Markets Outlook, April 2026
5th May 2026 The war in the Middle East represents a historic shock to commodity markets, resulting in the largest oil supply loss on record. Assuming the most... →
Goldman says global oil stocks approaching eight-year low, depletion speed a concern
By: Reuters 5th May 2026 Global oil stocks are approaching their lowest level in eight years, Goldman Sachs said on Monday, warning that the speed of depletion was becoming... →
Brent oil rises 7% on report US considering military options to break Iran deadlock
By: Reuters 30th April 2026 Brent oil prices rose as much as 7% on Thursday on a report the US is considering potential military action against Iran to break the deadlock in... →
South African rand edges up as investors track US-Iran talks, await local month-end data
By: Reuters 24th April 2026 The South African rand edged up on Friday, as signs emerged of possible peace talks between the US and Iran that could ease Middle East tensions,... →
