Taipei: Taiwan has significantly increased its reliance on the United States for crude oil imports, which now account for about 60 percent of total supply, Economic Affairs Minister Kung Ming-hsin said Wednesday. The shift marks a sharp rise from previous levels.
According to Focus Taiwan, the ministry's 2024 report indicates that about 30 percent of Taiwan's crude oil imports previously came from the U.S., with most of the remainder sourced from the Middle East. Kung told a legislative committee that crude oil procurement and transportation remain stable despite ongoing tensions in the Middle East.
He mentioned that four oil tankers are expected to arrive by the end of April, followed by another four to five vessels in May. Kung noted that state-owned CPC Corp., Taiwan and Formosa Petrochemical Corp. have adjusted shipping routes, with most cargoes now avoiding the Persian Gulf and instead transiting through the Red Sea and other export channels.
Taiwan currently maintains crude oil reserves equivalent to about 140 days of consumption, he added. He said international oil prices have recently hovered around US$90 per barrel and are unlikely to exceed US$100 if regional tensions ease.
Kung also stated that a very large crude carrier carrying about 2 million barrels of oil is en route to Mailiao Port in central Taiwan, which could meet domestic demand for more than half a month once it arrives in May.