Taiwan Crude Imports Hit 8-Year High, Opec Share At Record Low

*Taiwan imported 892,500 b/d of crude in 2018, the highest figure since 2010. Imports peaked at 1.046mn b/d in 2006.

*Gulf suppliers have not been the beneficiaries of this rise in volumes; the Mideast share of the Taiwan market fell to 77.6%, the lowest level since 2011 (see chart). Volumes from Opec fell precipitously to 646,000 b/d, 72.3% of the total. Both figures are by far the lowest figure in MEES data stretching back to 2003. Opec’s share fell to a record quarterly low of just 67% in Q4. Opec supplied a record 91% of Taiwan’s crude in 2011. (CONTINUED - 388 WORDS)