Middle East Conflict Remains Unclear; CPC Predicts High Oil Prices to Continue Until Next Year

The conflict in the Middle East is affecting international energy trends. CPC Corporation Chairman Fang Chen-jen stated today that based on international analysis, the conflict is likely to persist until at least the second half of the year. Even if the situation eases, the recovery of production facilities, transportation, and supply chains will take a long time, leading to a forecast that high oil prices will continue into next year. At CPC's 80th-anniversary celebration, Fang highlighted energy resilience and net-zero transition as the two main pillars of the company's future. CPC aims to increase its self-procured oil and gas ratio to 10% by 2030. Learning from the potential blockade of the Strait of Hormuz, the company plans to reduce dependence on geopolitically sensitive areas and strengthen supply capabilities.