Taiwan is almost entirely dependent on imports for its oil supply, the ministry said, adding that the import volume was stable from 2012 to 2019, at above 300 million barrels a year, while the import value fluctuated with changes in international oil prices. Oil imports this year have extended momentum from last year, as the war in Ukraine drove oil prices to more than US$100 per barrel, it said. The nation imported 121.86 million barrels of oil in the first five months, up 10.9 percent from a year earlier, at average prices of US$97.80 per barrel, the ministry said. Most of the nation’s oil imports came from the Middle East, with Saudi Arabia accounting for 34.5 percent and Kuwait contributing 20.1 percent in the first five months, while those from the US comprised 21.1 percent of the total during the first five months thanks to an increase in shale oil imports, it said. Taiwan’s exports of refined petroleum products also have a high correlation with oil prices, the ministry said.

Source: Taipei Times June 26, 2022 16:15 UTC