In May, Taiwan’s crude oil imports fell as refiners were cutting run rates.
According to data from the energy bureau, in May, imports were down by 12.5% month-on-month and 38.2% year-on-year at 672,000 bpd.
The biggest import cuts were for Saudi Arabian and Kuwaiti crude. From Saudi, Taiwan cut 25% of crude imports month-on-month and 63% year-on-year to 155,000 bpd. From Kuwait, the purchase of oil slumped by 20% month-on-month and 12% year-on-year to 127,000 bpd.
However, Taiwan’s imports from Oman and the US were higher. From Oman, crude imports rose by 17,000 bpd on a monthly basis and 63,000 bpd on a yearly basis to 95,000 bpd. From the US, the country imported 136,000 bpd, up by 13% from April but down by 45% from the corresponding time in 2019.
In May, Taiwan resumed buying Angolan crude by 31,000 bpd after a month of hiatus. The country also imported Qatar’s 31,000 bpd of crude for the first time in 2020.
Taiwanese refiners were cutting run rates. State-run CPC had maintenance at its Taoyuan refinery from early May to mid-July while private refiner Formosa prolonged its planned maintenance at Mailiao complex and cut refinery run rates in the month.
