Oil prices today November 5, 2024: World oil prices continued to increase by nearly 3% after OPEC+'s decision to postpone the plan to increase production for a month.
Gasoline price today November 5, 2024
Recorded on Oilprice at 5:00 a.m. on November 5, 2024 (Vietnam time), WTI oil price was at 71.68 USD/barrel, up 3.19% (equivalent to an increase of 2.22 USD/barrel).
 |
| WTI oil price on the world market in the early morning of November 5, 2024 (Vietnam time) |
Similarly, Brent oil price was at 75.30 USD/barrel, up 3.04% (equivalent to an increase of 2.22 USD/barrel).
 |
| Brent oil price on the world market early morning November 5, 2024 (Vietnam time) |
Oil prices rose nearly 3% today after OPEC+ decided to postpone plans to increase production for a month, while investors also focused on the US presidential election.
OPEC+ said on Sunday it would extend its 2.2 million barrels per day (bpd) production cuts for another month in December, while a production increase had been delayed from October due to falling prices and weak demand. OPEC+, the Organization of the Petroleum Exporting Countries, Russia and other allies, is expected to increase monthly output by 180,000 bpd from December.
Walt Chancellor, an energy strategist at Macquarie, said the extension through the entire fourth quarter of 2024 “casts doubt on the group’s commitment (or ability) to restore supply” in 2025, adding that the announcement could ease some concerns about a new OPEC+ “price war.” OPEC Secretary-General Haitham Al Ghais said on Monday that OPEC remains optimistic about oil demand in both the short and long term.
In its annual energy outlook, French oil major TotalEnergies forecasts global oil demand will peak after 2030 under the two most likely energy transition scenarios.
Meanwhile, the CEO of Italian energy company Eni said OPEC+ oil supply cuts and recent efforts to unwind them have increased volatility in energy markets and hampered investment in new production. OPEC oil output recovered in October as Libya resolved its political crisis, a Reuters survey showed. Last month, output was at its lowest this year. Another attempt by Iraq to meet its pledged cuts to the broader OPEC+ alliance capped gains.
Iran has approved a plan to increase oil production by 250,000 barrels per day, the oil ministry's Shana news website reported on Monday. Libya's National Oil Corporation (NOC) said the country's oil production is approaching 1.5 million barrels per day.
Domestic retail gasoline prices on November 5, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 31 by the Ministry of Finance - Ministry of Industry and Trade.
Item | Price (VND/liter/kg) | Difference from previous period |
E5 RON 92 gasoline | 19,408 | -284 |
RON 95 gasoline | 20,503 | -391 |
Diesel | 18,148 | +91 |
Oil | 18,833 | +263 |
Fuel oil | 16,461 | +232 |
Specifically, the price of E5 RON 92 gasoline decreased by VND284/liter, down to VND19,408/liter; RON 95 gasoline decreased by VND391/liter, down to VND20,503/liter.
Diesel 0.05S price: Increased by 91 VND/liter, at 18,148 VND/liter; Kerosene increased by 263 VND/liter, at 18,833 VND/liter; Mazut 180CST 3.5S increased by 232 VND/kg, at 16,461 VND/kg.
 |
| Gasoline price today November 5, 2024. Illustration photo |
In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.
Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 43 adjustment sessions, including 21 decrease sessions, 17 increase sessions and 6 opposite sessions.
Source: https://congthuong.vn/gia-xang-dau-hom-nay-5112024-gia-dau-tang-gan-3-sau-khi-opec-hoan-tang-san-luong-356779.html
Comment (0)