Johannesburg, South Africa — March 16, 2026 South Africa is accelerating efforts to secure alternative energy suppliers amidst ongoing disruptions caused by the Middle East conflict.
The closure of the Strait of Hormuz, a vital shipping route for oil, has significantly impacted South Africa’s fuel imports, which were predominantly sourced from Middle Eastern countries like Oman, Bahrain, and the UAE.
According to local reports, the disruption has led to a severe limitation of fuel imports, a situation compounded by South Africa’s loss of half of its refining capacity in recent years.
This has been due to plant closures resulting from operational issues and a lack of capital investment.
The International Energy Agency (IEA) has warned of an unprecedented supply shock in global oil markets due to the Middle East war, further straining African economies. South African consumers are facing soaring fuel prices and the potential for steep fuel hikes as a result of the global energy shock.
In response, the African Export — Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO) are planning to launch the Africa Energy Bank. This joint initiative aims to fund oil and gas projects in Africa, reflecting a shift towards greater regional self-sufficiency.
The move is a strategic response to the geopolitical tensions and aims to stabilize the fuel supply in the continent.
South African consumers are already feeling the pinch with rising fuel prices, and airlines have increased ticket prices in response to the higher fuel costs. Despite the global oil market disruptions, South Africa has secured fuel imports for the time being, although the situation may worsen if geopolitical tensions persist.
Mineral and Petroleum Resources Minister Gwede Mantashe has assured South Africans that the country is not currently at risk of running out of fuel.
“The Department remains in continuous contact with oil companies operating in the country to ensure the stability and security of fuel supply, while closely monitoring developments in the Middle East and their potential impact on global oil markets and fuel prices,” Mantashe.
The situation underscores the challenges faced by African economies reliant on global oil markets and highlights the importance of diversifying energy sources.
As global oil prices soar above $100 per barrel, the region grapples with the twin threats of energy insecurity and inflation.
Further details are expected as South Africa continues its search for new energy suppliers and strategies to mitigate the impact of global oil market disruptions.
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Source: Can new Africa Energy Bank power a continent while protecting the planet? — aljazeera.
*Additional reporting by ImNews | Sources consulted: 3*
