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
Rand slides as oil price surge pressures emerging market currencies
By: Reuters 15th September 2026 South Africa's rand weakened against the dollar on Tuesday as a stronger greenback, high energy prices, and softer precious metals heightened... →
Gulf states call off meeting with Iran, Houthis launch new attack on Saudi
By: Reuters 14th September 2026 Arab states in the Gulf called off a meeting with Iran planned for Monday, while Yemen's Houthis launched a new attack on Saudi Arabia after... →
Diplomacy stumbles with postponement of meeting on Strait of Hormuz proposal
By: Reuters 14th September 2026 Middle East diplomacy appeared to falter heading into Monday with the postponement of a meeting between Iran and other Gulf powers, while attacks... →
Daily Podcast – September 10, 2026
10th September 2026 September 10, 2026. For Creamer Media in Johannesburg, this is Polity’s daily podcast. →
India hosts BRICS summit as Iran war tests bloc unity
By: Reuters 10th September 2026 India will host the BRICS Leaders' Summit this weekend, seeking to lift the bloc's global profile even as the US-led war on Iran splits its... →
Daily Podcast – September 09, 2026
9th September 2026 Making headlines: South Africa’s 3% inflation goal is robust, Central Bank study shows EFF heads to court over Parly’s 'irrational' reversal on... →
South Africa’s 3% inflation goal is robust, Central Bank study shows 
By: Bloomberg 9th September 2026 South Africa’s 3% inflation target can withstand a range of economic shocks as expectations have become better anchored and more forward-looking,... →
IEA chief says Nigeria could double energy investment within five years
By: Reuters 4th September 2026 Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said... →
Can the African Union remain relevant in Libya?
By: ISS, Institute for Security Studies 2nd September 2026 Unless the AU can help coordinate implementation of existing peace initiatives, its influence on the ground may continue to wane. Fifteen years... →
IMF's Georgieva says global economy weathering energy shock, sees fiscal concerns
By: Reuters 26th August 2026 The global economy has weathered the Iran war energy shock better than feared, International Monetary Fund MD Kristalina Georgieva said on Tuesday,... →
