Taiwan Crude Imports From Iran Hit 15-Month High

Latest data from Taiwanese Bureau of Energy show that the island nation’s crude oil import from Iran surged to the highest monthly level in at least 15 months in March, and was 50 percent higher than the volume registered for the corresponding period a year earlier.

According to the data released by the bureau under the Ministry of Economic Affairs on Thursday, Taiwan imported 2.96 million barrels of crude oil from Iran in March, 95,581 barrels a day, during the mentioned period, Dow Jones reported. 

Iran accounted for 10.2% of Taiwan’s total crude imports in March, the second-highest in the data series supplied by the bureau that dates back to January 2011. 

Taiwan’s March crude purchases from Iran rose to three times the 31,935 barrels a day it bought in January and the 30,247-barrel average in 2011. 

Taiwan’s resumption of oil imports from Iran in March comes after ceasing purchases a month earlier. 

State-run CPC Corp., the island’s major crude importer, said last week that it still hasn’t received any “definitive instruction” from the government to stop oil imports from Iran in July because of US-led sanctions, but added that it was cutting oil imports. 

Formosa Petrochemical Corp., another major crude importer, said in February that it has agreed to abide by the government’s decision as long as it doesn’t breach existing contracts with Iranian suppliers. 

The United States and the European Union recently imposed tough financial and oil sanctions on Iran over its nuclear energy program. Washington has also pressured some countries to reduce their oil imports from the Islamic Republic.