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State Looks to Sell Close to Half SA’s Oil Stockpile

SOUTH AFRICA
  • Many papers covering the tumultuous parliamentary session yesterday, which saw opposition MPs enraged by Ramaphosa’s side-stepping of a Q&A session at which he would have been questioned by lawmakers on the Phala Phala farm scandal. MPs had argued that the allegations were not prohibited from public discussion, raising concern among opposition MPs. In response to the early closure of the MPs’ Q&A, Ramaphosa stated that he remains ready to cooperate, and has responded to all questions on the matter.
  • News24 reports that South Africa’s Strategic Fuel Fund has taken the first steps to sell a portion of oil reserves, issuing a tender for the sale of close to 5 mln bbls – close to half of the country’s entire stockpile. The move is seen as an attempt to recover funds for recent fuel price interventions, which saw the government remove R1.50 from the general fuel levy for an extended period.
  • Following a meeting between the Foreign Minister Pandor and his Russian counterpart Lavrov, Russia welcomed South Africa’s “responsible position” toward the Russia/Ukraine crisis, however a spokesperson would not confirm or deny Russia’s characterisation of it, according to the Daily Maverick.
  • Trade balance data crosses later today, with markets expecting the surplus to shrink to R19bln from R24.2bln previously.
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