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In today's update we take a look at South Africa's Crude oil imports from the start of 2018 up to end of May 2018. Just how much crude are we importing into South Africa, and what is the total value of all the crude we are importing into South Africa? And the most important question is where is all South Africa's crude oil coming from?
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SA's big crude oil suppliers?
So how much crude has South Africa imported so far in 2018? Well in terms of kilograms South Africa has imported 8.96 billion kilograms of crude oil since the start of 2018 up to the end of May 2018. And the value of the 8.96 billion kilograms of crude oil amounted to R54.42 billion. That gives us an average price of R6.07 per kilogram. Crude oil imports from the same countries a year ago amounted to R42.7 billion in value and 7.82 billion kilograms of crude oil imported at an average price of R5.46 per kilogram.
So while the average price paid per kilogram of crude oil has gone up by 11.3% when comparing the average price paid per kilogram in the first 5 months of 2017 with the average price paid in the first 5 months of 2018. And this is part of the reason why South African fuel prices are constantly hitting new all time highs, as we showed yesterday in our fuel price update. See that article here.
Crude oil is one of South Africa's biggest imports. South Africa has imported R54.4 billion worth of crude oil so far in 2018, while total imports into South Africa amounted to R474 billion. So basically crude oil makes up roughly 11.3% of South Africa's total imports, and the crude comes into South Africa via a select few countries. The majority of South Africa's crude oil is supplied by three countries. They are Saudi Arabia, Nigeria and Angola. These three countries have supplied 89% of South Africa's total crude imports for 2018. The summary below shows the value and percentage of total value per country supplying South Africa with crude oil.
- Saudi Arabia: R 23 016 034 131 ( 42.29%)
- Nigeria: R 18 402 494 236 (33.81%)
- Angola: R 7 084 040 362 (13.02%)
- United Arab Emirates:R 3 045 153 266 (5.59%)
- Ghana: R 1 660 827 737 (3.05%)
- Togo: R 930 517 168 (1.71%)
- Norway: R 288 402 308 ( 0.53%)
- Oman: R 199 895 ( 0.00%)