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.

*Whilst volumes from the Gulf were stagnant last year, those from key African Opec producer Angola collapsed from 70,100 b/d in 2017 when Angola was the fourth largest supplier, to just 10,700 b/d for 2018. (CONTINUED - 387 WORDS)


chart Taiwan Crude Imports ('000 B/D): Volumes Up With The Us The Key Winner; Opec Share At Record Low
table Taiwan 2018 Crude Imports ('000 B/D): Mideast Up, Americas Up More