Oil Reserves in Taiwan
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According to January 1, 2005 estimates by the Oil and Gas Journal, Taiwans proven oil reserves are approximately 4 million barrels. Total oil production for 2005 is expected to be 8,404 bbl/d, of which 800 bbl/d is crude. Oil consumption for 2005 is estimated at 1,045,000 bbl/d. The majority of the oil is consumed by the industrial sector. Most of Taiwans Crude Oil imports come from the Persian Gulf, though West African countries also are important suppliers. To prevent supply disruptions, Taiwans refiners are under a regulatory requirement to maintain stocks of no less than 30 days of consumption. Refiner-held strategic Petroleum stocks are the norm in Asia, and Taiwans policy is similar to those of Japan and South Korea.