Features

Brent crude prices have jumped by over 50% since the start of the US/Israel war with Iran in late February. Unlike the market shocks that followed the Russian war on Ukraine in 2022, which disrupted trade routes, the virtual closure of the Strait of Hormuz has thrown the world into disarray. For countries that rely on crude, the message has been stark: diversify or remain vulnerable to shocks beyond your control.

South Africa’s energy narrative has been synonymous with failure: delayed maintenance, loadshedding, sluggish new energy developments, and corruption have all put strain on the economy since 2007. Progress in diversifying the country’s energy mix has been slow.