World Oil Prices

Oil prices declined in Asia amid investor caution regarding expectations of lower demand, as U.S. employment and business data came in weaker than anticipated—indicating a potential cooling in the world’s top oil-consuming economy.

Country-Specific Updates:

• South Africa: South African assets saw gains on Wednesday, fueled by optimistic comments from the Federal Reserve chair regarding upcoming U.S. interest rate cuts.
• Kenya: The Kenyan shilling slightly firmed on Wednesday, supported by hard currency inflows from tea exporters and diaspora remittances despite ongoing nationwide protests.
• Niger: Niger’s junta has agreed to talks with Benin’s government, aimed at restoring relations following a 2022 coup which led to border closures and a shutdown of a China-backed oil pipeline.
• Congo: The International Monetary Fund (IMF) concluded a sixth and final review of Congo’s loan program, allowing an immediate disbursement of approximately $224.7 million.

1. The Future of South Africa’s Automotive Industry

Renai Moothilal, CEO of the National Association of Automotive Component and Allied Manufacturers (NAACAM), emphasizes the significance of policy continuity within South Africa’s automotive industrial policy framework. The government aims to reach 60% localization rate by 2035 while transitioning towards electric vehicles.