TAIPEI (Taiwan News) — CPC Corp. said Sunday that domestic oil and gas supplies remain secure as crude and LNG shipments from the Middle East continue on schedule, despite the escalating conflict in the region and disruptions at the Strait of Hormuz.

CPC said it has worked in recent years to reduce crude oil imports from Persian Gulf countries and diversify sources, importing crude from the Americas, Europe, Africa, and Australia to mitigate geopolitical risks, per CNA. Last year, the share of crude oil imported from the Middle East fell to 34.9%, down from 45% in 2022, while US crude oil imports rose from about 44% in 2022 to 61.8% in 2025.

For LNG, in 2024–2025, about 30% of CPC’s imports came from Australia and Qatar each, and 10% from the US. To reduce the impact of Middle East tensions, CPC will gradually lower the share from Persian Gulf countries while increasing US imports, projecting a 25% US share by 2029.

All oil and gas imported from the Middle East passes through the Strait of Hormuz. Shipping companies have instructed vessels preparing to enter or leave the Persian Gulf, but not yet in the strait, to remain in safe waters away from the area.

Starting Monday, retail gasoline and diesel prices will rise by NT$0.2 (US$0.01) and NT$0.4 per liter, respectively, but CPC absorbed NT$1.4 and NT$0.4 per liter of the increases to keep domestic prices lower than those in neighboring Asian countries, per CNA. The firm said it will closely monitor developments in the Middle East and continue to work with the government to stabilize commodity prices in response to international oil and gas price fluctuations.

CPC Chair Fang Jenn-Zen (方振仁) said on Feb. 25 that global crude production is expected to exceed demand this year by roughly three million barrels, keeping prices relatively stable. He added that unless the US–Iran conflict intensifies, potentially pushing prices to US$100 per barrel temporarily, annual forecasts remain in the US$55–65 per barrel range.