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<\/a><\/figure>\n\n\n\nIn a turn for oil, global prices pulled below $100 a barrel on Friday (2 October) as France proposed that developed nations release strategic reserves to ease surging prices at the pump.<\/p>\n\n\n\n
France proposed that countries across the continent and member nations of the International Energy Agency release 100 million barrels of diesel and crude.<\/p>\n\n\n\n
However, prices remain elevated, and the slight relief from the proposal comes too late to have any meaningful bearing on fuel recoveries for October’s adjustments.<\/p>\n\n\n\n
Oil prices have remained far from their early-war peaks as transits through the vital Strait of Hormuz have continued.<\/p>\n\n\n\n
Despite this, prices are high, and fuel shortages are rising.<\/p>\n\n\n\n
Shortages are bolstering crude demand as refineries try to churn out as many barrels as they can, just as demand rises ahead of the Northern Hemisphere winter.<\/p>\n\n\n\n
Making matters more difficult, Chinese exporters have also cancelled some oil-product cargoes slated for export in October, as Asia\u2019s top consumer prioritises domestic supply. <\/p>\n\n\n\n
Russia, meanwhile, has further extended a ban on most diesel exports through October.<\/p>\n\n\n\n
This means the pricing outlook heading into the final quarter of the year is not positive, with record-high prices expected next week setting a worrying baseline for the months ahead.<\/p>\n\n\n\n
With Bloomberg<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"South Africans will face record-high petrol and diesel prices next week, with month-end data from the CEF all but cementing R30\/litre at the pumps.<\/p>\n","protected":false},"author":10,"featured_media":861650,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"posted","_sma_x_autopost_error":"","_sma_x_post_id":"2106038504496959632","_sma_facebook_post_id":"191437357620492_2224232605063805","_sma_instagram_post_id":"18145911376600906","_sma_x_attempts":1,"footnotes":""},"categories":[9874],"tags":[19853,19909,1498,18450,2171],"class_list":["post-878108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-annabel-bishop","tag-diesel-price","tag-investec","tag-oil-price","tag-petrol-price"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/878108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=878108"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/878108\/revisions"}],"predecessor-version":[{"id":878119,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/878108\/revisions\/878119"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/861650"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=878108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=878108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=878108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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