Taiwan, which imports more than 99 percent of its crude, purchased more in February after growth in industrial output accelerated, boosting energy demand.
Shipments rose 12 percent from a year earlier to 26.8 million barrels last month, the Ministry of Finance said in Taipei today. That’s equivalent to about 958,000 barrels a day. The island’s February oil bill increased 7 percent to $2.96 billion, the ministry said in a statement.
Industrial production increased 19 percent from a year earlier in January, the fastest pace in more than two years, a Ministry of Economic Affairs report showed Feb.27. Output by chemical makers climbed 15 percent.