A good week

Sasol CEO Fleetwood Grobler is probably the last man on earth to cheer a negative oil price, but it’s made the hedge he took out a couple of weeks ago look rather smart. Sure, Sasol isn’t hedged on all its production — 80% of synfuels — and only for its fourth-quarter output, but $32 a barrel seems a cracking great sum now that oil producers are paying people to take the sticky stuff off their hands. All bets are now off as to when the global economy approaches anything close to normal, the oil market included.

A bad week

The last person you want in the room when you’re dealing with an economic meltdown is a bureaucrat with a love for pointless regulations. Enter co-operative governance & traditional affairs minister Nkosazana Dlamini-Zuma, who has effectively quashed the export of wine, with the help of transport minister Fikile Mbalula. It’s a diktat costing SA R200m a week, say experts. You could say, if it was stopping Covid-19 infections, maybe it’s worth it. But it isn’t. Instead, it’s throttling an industry valued at R9bn a year.

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