How the Iran War Reshaped Africa’s Oil Trade — At A Cost
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How the Iran War Reshaped Africa’s Oil Trade — At A Cost
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As the Iran War broke out and the Strait of Hormuz closed, fuel prices surged and supplies became disrupted. The African countries that thought they had supply deals in place found deliveries being cancelled. But the world’s largest oil trader turned the Hormuz crisis to its advantage. Vitol was able to strike exclusive deals to become a dominant supplier of fuel to at least five countries in East and Southern Africa covering more than 180 million people.
On this week’s next Africa podcast, Jennifer Zabasajja is joined by Chief Commodities Correspondent Jack Farchy to discuss his latest investigation into how Vitol was able to strike these deals, how much countries had to pay for security of supply, and just how long the price premium could last.
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