India and South Africa vie for oil reserves

The article reveals the emerging trends among developing countries, particularly India and South Africa, to enhance their energy security by building strategic oil reserves. This move is driven by supply disruptions caused by the war in the Middle East and the closure of the Strait of Hormuz. South Africa aims to add around 50 million barrels to its reserves to cover 60 days of imports, involving multi-billion dollar investments despite challenges in oil refining. Meanwhile, India has increased its strategic stockpile to about 53 million barrels, with plans to store an additional 30 million barrels through an agreement with ADNOC. These strategies impact the global market, contributing roughly 50 million additional barrels, but they do not fully compensate for the daily shortfall of 10 to 20 million barrels in supplies passing through the Strait of Hormuz, thereby limiting their immediate effect on oil prices. Large economies like the United States and China still hold substantial inventories, playing a crucial role in market stability amid ongoing uncertainties regarding global energy security.

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