Taiwan data: First VLCC cargo of Iranian crude this year arrives in May

Taiwan data: First VLCC cargo of Iranian crude this year arrives in May

Taiwan data: First VLCC cargo of Iranian crude this year arrives in May

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.

Manjula

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