Petroleum
Petroleum is a naturally occurring liquid fossil fuel composed primarily of hydrocarbons, formed from the remains of ancient marine organisms subjected to heat and pressure over millions of years. The term encompasses crude oil and the wide range of refined products derived from it, including petrol, diesel, jet fuel, heating oil, lubricants, asphalt and petrochemical feedstocks. Petroleum is extracted through drilling operations, both onshore and offshore, and is transported via pipeline, tanker or rail to refineries where it undergoes fractional distillation and other processes to separate it into usable products. The industry is divided into upstream activities (exploration and production), midstream (transportation and storage) and downstream (refining and marketing). Petroleum remains the world's most important energy source, accounting for a significant share of global primary energy consumption and serving as the dominant fuel for transportation. Major producing regions include the Middle East, North America, Russia and parts of Africa, with international prices benchmarked against markers such as Brent crude and West Texas Intermediate. In South Africa, petroleum products are supplied through a combination of domestic refining and imports, with the sector regulated to ensure security of supply and compliance with fuel specifications. The industry faces long-term challenges from climate policy, the energy transition and competition from renewable energy and electric mobility. Environmental concerns centre on greenhouse gas emissions, oil spills and the lifecycle carbon intensity of petroleum products. Despite these pressures, petroleum is expected to remain a critical component of the global energy mix for decades, particularly in aviation, shipping and petrochemicals where alternatives are less mature.
Petroleum Updates
South African inflation picks up to 3.1% y/y in March, as expected 
By: Reuters 22nd April 2026 South Africa's headline consumer inflation edged up as expected last month, but analysts said the increase would be far larger in April when fuel... →
Fuel prices surge in Africa as Iran war hits supply
By: Reuters 1st April 2026 African governments have imposed sharp fuel price increases as the Iran war sends global oil prices surging and threatens to spark inflation across... →
Kenya fuel retailers running short of supplies due to Middle East war
By: Reuters 24th March 2026 The head of Kenya’s independent fuel retailers told Reuters that hundreds of dealers were running short due to the Iran war, saying about 20% of... →
Climate change assessment reports for environmental authorisations: When judicial precedent outpaces regulatory clarity
3rd February 2026 South African environmental law is undergoing a decisive shift in how climate change considerations are integrated into environmental authorisation... →
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