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
Cameroon's ruling party meets as Biya's long absence draws criticism
By: Reuters 22nd July 2026 Cameroon's ruling party called a rare meeting of senior leaders on Wednesday as criticism mounted over the continued absence of President Paul... →
Gabon authorises up to $1.5bn in international borrowing in revised budget
By: Reuters 21st July 2026 Gabon's government has authorised borrowing of up to $1.5-billion (857.85-billion CFA francs) on international markets this year in a revised 2026... →
South African rand gains as oil prices fall on US-Iran mediation hopes
By: Reuters 21st July 2026 The South African rand firmed in early trade on Tuesday as global markets assessed mixed developments in the US-Iran conflict, with oil prices... →
South African rand eases ahead of inflation reading and central bank meeting
By: Reuters 17th July 2026 The South African rand weakened on Friday as investors turned their attention to next week's inflation data and monetary policy meeting, where the... →
South African rand under pressure as investors monitor latest US strikes on Iran
By: Reuters 16th July 2026 The South African rand came under pressure on Thursday, as the latest escalation in hostilities between the United States and Iran pushed oil... →
US-Iran escalation could threaten 2027 oil market surplus, IEA says
By: Reuters 10th July 2026 A recent escalation of hostilities between the US and Iran could upend the International Energy Agency's (IEA's) forecast of a significant oil... →
Oil surges, stocks tumble as Trump declares Iran MoU 'over'
By: Reuters 8th July 2026 Oil surged by more than 5% on Wednesday and global stocks and bond prices tumbled, as investors fled risk assets after US President Donald Trump... →
Ending Impunity and Inequality
19th June 2026 41 G7 energy-billionaires have increased their wealth by $23.5-billion since the unlawful US and Israel war against Iran began, reveals new Oxfam... →
South African rand strengthens as US-Iran interim deal eases geopolitical tensions
By: Reuters 18th June 2026 The South African rand strengthened in early trade on Thursday after the United States and Iran released the text of an interim agreement signed by... →
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... →
