The number of the day relates to oil prices. Because Brent Crude oil – which South Africa imports for fuel – reached 80 dollars per barrel today. That is a fresh three and a half year high… A number not seen since November 2014. Prices are soaring due to a number of factors.
These include Venezuela’s troubles and the decision of the US President, Donald Trump, to exit the Iran nuclear deal which may affect supply from Iran. Oil exporting countries may benefit.
But South Africa is a net importer of crude oil. The AA warned South Africans that they can expect petrol prices to rise by over 70 cents next month. That will mean a third successive fuel hike.
And if this all sounds bad, the CEO of French oil giant, Total, says he will not be surprised if the price of oil reaches 100 dollars per barrel this year.
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