A supertanker carrying two million barrels of crude oil is set to arrive in
Taiwan, helping ease supply pressures caused by war in the Middle East.

Formosa Petrochemical Corporation says the vessel will dock at Mailiao Port
tomorrow, bringing crude oil from Saudi Arabia.

The shipment comes after disruptions linked to the Strait of Hormuz pushed
refinery utilization rates down sharply in April.

At one point, overall operations fell to just over 40 percent, with some
facilities running even lower.

Company officials say the new delivery, along with alternative sourcing
strategies, should help production gradually recover.

Refinery utilization is expected to rise above 60 percent in May and reach
around 80 percent in June.

However, challenges remain, with high costs and weak demand continuing to
weigh on petrochemical operations.

The company also warns that the global crude oil market could face prolonged
supply shortages if the conflict continues.

(CNA_IG)