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HomeNewsANTICIPATED FUEL SHORTAGES FROM GLOBAL CRUDE OIL CUTS WILL NOT AFFECT ZAMBIA

ANTICIPATED FUEL SHORTAGES FROM GLOBAL CRUDE OIL CUTS WILL NOT AFFECT ZAMBIA

The Oil Marketing Companies Association of Zambia (OMCAZ) says while it anticipates a slight shortage of fuel as a result of the announced crude oil export cuts by 2 million barrels per day, Zambia has enough strategic leverages to ensure a sustained supply of fuel.

Some of the world’s top oil-producing countries that include Saudi Arabia and Russia last week agreed to cut the amount of oil they export by two million barrels per day citing the need to stabilize the price of crude oil which has continued to fall in recent months and is expected to raise petrol prices around the world.

But OMCAZ President Dr. Kafula Mubanga is confident that Zambia may not feel the drastic impact of such a decision by OPEC+ members and will still receive a steady supply of the commodity unless something else beyond the control of the government arises.

Dr. Mubanga says the recent escalating prices of crude on the international market sent a strong warning to countries like Zambia, to prepare adequate storage and secure supply which has seen the country sign memorandums of understanding and seek steady supply streams with Namibia, Angola and the impending use of Tazama pipeline to begin carrying finished product.

He is urging the government to ensure that these MOUs and precautionary measures to guarantee supply of fuel, are concluded by the end of the year to allow Zambia to guarantee its supply during moments of global oil instability.

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