South Africa’s Crude Imperialism

One of the most immediate causes of the economic crisis that gripped the globe in 2008 was the high price of crude. Crude prices reached 147 dollars per barrel by October 2008. As of May 2008, the prices had passed the magical 100 dollars a barrel. South Africa produces less than 5,000 BOPD of crude oil. It’s almost a hydro-carbon starved country and it relies largely on import. May 2008 represented the kind of period when South Africa wished it was a hydro-carbon economy like Nigeria or Angola or even Mozambique with its huge gas reserve.

To feed its hydrocarbon denizen South African companies began to stretch their limbs to other hydrocarbon rich countries. We explore the tensions that emerged as a result as we’ll as the accusation of imperialism leveled along the way.

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Bardin.Ellis