The Ministry of Economic Affairs yesterday said global oil prices are unlikely to return to pre-war levels even if the US-Israeli war on Iran ends soon, although a swift resolution could help ease the financial burden on CPC Corp, Taiwan (CPC, 台灣中油) and Taiwan Power Co (台電).
The movement of oil prices hinges on geopolitical developments and the ministry is continuing to closely monitor the war in the Middle East, Deputy Minister of Economic Affairs Ho Chin-tsang (何晉滄) said at a meeting of the legislature’s Economics Committee in Taipei.
The prices of crude oil — including Brent and West Texas Intermediate — and natural gas have shown signs of easing, as the US and Iran have been working to end the war, National Development Council Minister Yeh Chun-hsien (葉俊顯) said at the meeting.
Photo: Tien Yu-hua, Taipei Times
The war’s impact on Taiwan’s consumer price index (CPI) might begin to emerge this month, Yeh said, adding that the effect on full-year CPI and the economy as a whole would be limited if the conflict ends soon.
Asked if the US naval blockade of the Strait of Hormuz would affect Taiwan’s oil and gas supply, Ho said Taiwan has secured supply for June and is arranging the shipping schedule for July, thanks to CPC’s diversified sourcing and advance preparations.
As long as oil supply remains stable, there should be no concerns over disruptions to the nation’s petrochemical supply chain, he said.
To ensure sufficient supply, the government has asked major energy importers, including CPC and Formosa Plastics Group (台塑集團), to strengthen sourcing planning and shipping arrangements, he added.
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