Taiwan in May received its first Iranian crude oil cargo for this year — 1.98 million barrels or 63,943 b/d, data released by the Ministry of Economic Affairs’ Bureau of Energy on Thursday showed.
However, it could be one of only a few Iranian crude oil cargos that Taiwan buys in 2018 due to the US decision to re-impose sanctions on Iran.
International buyers of Iranian oil have until November 4 to wind down contracts before the US re-imposes sanctions on the oil, shipping and insurance sectors, a Treasury Department fact sheet showed.
In 2017, Taiwan imported five VLCCs, or 31,310 b/d, of Iranian crude oil.
In the first five months, crude oil shipments from Iran have fallen 50.9% year on year to 13,127 b/d.
In May, arrivals from Taiwan’s top supplier Saudi Arabia jumped 66.8% year on year and 63.3% from April to 387,548 b/d, the highest level seen since September 2013 when it imported 441,100 b/d.
Taiwan’s total crude oil imports in May rose to 1.01 million b/d, the highest since August 2014.
Over January-May, Taiwan’s crude imports rose 7.2% year on year to 869,476 b/d.