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Taiwan may cut oil imports from Iran

Monday, 20 February 2012 | 16:30
Taiwan is considering cutting back on crude oil imports from Iran on the back of increasing pressure from the United States and the European Union.
“Taiwan will carefully consider the U.S. request. We are assessing measures and how to minimize any potential economic impact”, Fox Business quoted Lin Jinn-jong, Director-General of the Department of West Asian Affairs.
Iran has been a major supplier of crude oil to Taiwan, but its share has been declining over the past years. In 2003, Iran had accounted for 18.3% of total oil imports by Taiwan, which declined to 7.8% in 2009 and to around 4% in 2011, as per data by the Bureau of Energy.
Taiwan is one of the many Asian nations on which the US have been stepping up pressure to cut back on their Iranian oil imports. South Korea was reportedly seeking an exception due to its dependence on Iran oil.
Source: Commodity Online
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