Story perspectives

CPC and Glencore Prepare to Ship Crude to Taiwan

4/12/2026

Center

CPC Ships Crude

CPC (China Petroleum Corporation) and Glencore booked tankers to load Middle East crude, aiming to ship 2 million barrels to Taiwan if the Strait of Hormuz remains passable after the U.S.-Iran ceasefire.
Two Chinese supertankers recently navigated the Strait of Hormuz, signaling a sharp rise in oil shipping.
Iran's Fars News Agency reported the Strait of Hormuz is closed due to Israeli strikes in Lebanon, contradicting U.S. claims of reopening.

Right

Refiners Seek Tankers

Asian refiners seek tankers to load Gulf crude after United States–Iran ceasefire on April 8.
Saudi Aramco asked clients to nominate cargoes for Yanbu and Ras Tanura in May, contingent on resuming Hormuz shipping.
Attacks on Saudi facilities reduced oil production capacity by 600,000 barrels per day.
Kuwait Petroleum Corporation provided April loading dates.
Iraq's state oil marketer asked for loading schedules amid reports of exemptions from Iran.

Left

Saudi Arabia's Pipeline Crisis

Saudi Arabia's energy ministry said attacks on the East-West pipeline cut capacity by 700,000 barrels per day, about 10% of exports.
This marks the first official acknowledgment of damage from Iranian strikes.
The East-West pipeline remains crucial for global supply, especially after Iran restricted traffic through the Strait of Hormuz.
Saudi Arabia is preparing for peace talks in Islamabad amid Washington's pressure to back the U.S.-Israel stance against Iran.

History

Historical Context

The Iran-Iraq War, which began in 1980, severely disrupted oil shipments through the Strait of Hormuz, a critical passage for about 20% of global oil trade. Ongoing tensions between the U.S. and Iran have led to fluctuating oil prices and shipping routes, with recent attacks on oil infrastructure highlighting the region's volatility and raising geopolitical risks for global energy supply chains.

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CPC Ships Crude

CPC (China Petroleum Corporation) and Glencore booked tankers to load Middle East crude, aiming to ship 2 million barrels to Taiwan if the Strait of Hormuz remains passable after the U.S.-Iran ceasefire.
Two Chinese supertankers recently navigated the Strait of Hormuz, signaling a sharp rise in oil shipping.
Iran's Fars News Agency reported the Strait of Hormuz is closed due to Israeli strikes in Lebanon, contradicting U.S. claims of reopening.

1 / 4