USGS reports a 6.7-magnitude earthquake in the Loyalty Islands region.

China on Saturday published a report titled New Refutation of the South China Sea Arbitration Award at the South China Sea Security Roundtable in Hong Kong. The report says the arbitration ruling’s illegality and absurdity have become clear over the past decade, alleges major errors in the ruling’s legal interpretation, fact-finding and evidentiary basis, and says it has damaged China–Philippines ties and regional stability. It calls for an urgent, comprehensive removal of the ruling’s lingering effects. Attended by legal delegates and academics from multiple countries and regions, the event reiterated that China does not accept any claims or actions based on the award and described that position as a lawful, necessary step to defend China’s South China Sea rights and preserve peace and international law.

South Africa plans to rebuild a strategic petroleum reserve to mitigate supply risk, the Minerals Resources and Energy Department (DMRE) said in a July 9 draft policy paper for public comment. DMRE estimates a current shortfall of about 10 mln bbl and proposes a 60-day buffer—roughly 36 mln bbl based on EIA’s estimate of 600,000 bpd—split about two-thirds crude and one-third products. National Treasury and the state oil company will design financing and guarantee mechanisms for the reserve. Under the plan, licensed wholesalers and importers would be required to hold stocks equivalent to 21 days’ demand. South Africa last expanded emergency stocks in the 1970s with the Saldanha Bay facility (capacity ~45 mln bbl).