You must have noticed how the world is tensed regarding the crisis between Iran and the US which was incited because of the US airstrikes which killed Iran’s top general named Suleimani who was loved by his people. However, the US said that he was planning to launch an attack on the US as well as saw him as a terrorist. Now that the killing of Suleimani has been done by the US, Iran has vowed to take revenge and it has already launched a missile strike on the US forces in Iraq.
All this means that there could be a breakout of crisis in the middle east at any moment. Since we know that Iran, Iraq and the Middle East are major suppliers of oil to the world, it is obvious that oil supply would be disrupted. Therefore, everyone is wondering what if the crisis deepens between Iran and the US and the world goes short on oil supply. Now, Taiwan’s Ministry of External Affairs has given good news for the Taiwanese people saying that Taiwan has enough oil with which they can survive the Iran crisis.
Why this is the case is because every government around the world has made their secret and public oil reserves where they store excess oil in case of such a situation of war or any other geopolitical crisis. This means that even if something happens, they have a supply of natural resources in their reserves and it is only when those reserves start depleting that the government has to worry. Similarly, Taiwan’s MOEA says that Government reserves of oil products amounted to 44 days, while the private sector had enough for an additional 84 days. MOEA also says that the tensions in the Middle East have already calmed down so neither the price nor the supply of oil is a cause of concern.