*Taiwan imported 779,000 b/d of crude in 2021, up 7.5% on 2020’s multi-decade low (MEES, 15 January 2021). But unlike in Korea (MEES, 14 January), where volumes from the Middle East fell in both absolute terms and as a share of the total, key Mideast producers gained market share in Taiwan.
*Mideast volumes at 583,000 b/d were up 9% from 2020’s multi-decade low whilst 2021’s regional market share of just shy of 75% was up from a nine-year low of 74% for 2020 (see chart and table). This Middle East rebound was entirely due to a strong showing for the last three months of 2021 as key Middle East producers ramped up output and exports as Opec+ cuts unwind (MEES, 7 January). (CONTINUED - 285 WORDS)
