Gasoline prices today (November 13): Sharp decrease

Today's oil prices (November 13): World oil prices unexpectedly fell after OPEC forecasted a balance in supply and demand by 2026. Domestically, oil prices were adjusted up or down depending on each product.

World oil prices

Oil prices fell more than $2 a barrel on Wednesday, pressured by a new OPEC report that said global oil supplies will equal demand by 2026, marking a revision from its previous forecast of a supply shortage.

According to Reuters, at the end of the trading session on November 12, Brent oil price decreased by 2.45 USD/barrel, equivalent to 3.76%, to 62.71 USD/barrel; WTI oil price decreased by 2.55 USD/barrel, equivalent to 4.18%, to 58.49 USD/barrel.

Gasoline prices today (November 13): World oil prices unexpectedly dropped. Illustration photo: Reuters

The Organization of the Petroleum Exporting Countries (OPEC) said global oil supplies will balance demand next year, mainly due to increased production by the OPEC+ group. OPEC had previously forecast a supply deficit in 2026.

Meanwhile, the International Energy Agency (IEA) has just released its annual “World Energy Outlook” report, predicting that oil demand could continue to increase until 2050. This is a notable change from the IEA’s previous view that global oil demand would peak this decade, as the agency has adjusted its approach, taking into account only regulations that have been issued, not climate targets.

The OPEC forecast comes as some crude suppliers are struggling to find buyers, said John Kilduff, partner at Again Capital. “There are cargoes that are not being taken. The spot market is forming a new price curve. There is a general sense that the U.S. economy is weakening,” he said.

Analysts have previously highlighted the oversupply of oil as holding back the price rally. OPEC+ agreed this month to halt production increases in the first quarter of next year, after gradually lifting production cuts from August this year.

Additionally, the reopening of the US government could boost consumer confidence and economic activity, thereby boosting crude oil demand, according to IG analyst Tony Sycamore.

The Republican-controlled US House of Representatives is set to vote on a budget compromise to restore funding to federal agencies and end the government shutdown that has lasted since October 1.

The US Senate passed the bill on the night of November 10. House Speaker Mike Johnson expressed hope that the document would easily pass the House of Representatives.

Domestic gasoline prices

Domestic retail prices of gasoline on November 13 are as follows:

E5RON92 gasoline	Not higher than 19,682 VND/liter
RON95-III gasoline	Not higher than 20,416 VND/liter
Diesel oil 0.05S	Not higher than 19,323 VND/liter
Oil	Not higher than 19,395 VND/liter
Mazut oil 180 CST 3.5S	Not higher than 14,320 VND/kg

The Ministry of Industry and Trade and the Ministry of Finance jointly announced the adjustment of domestic retail gasoline prices effective from 3 p.m. on November 6. Accordingly, gasoline prices decreased slightly, while some types of oil increased in price. Specifically, the price of E5RON92 gasoline decreased by 78 VND/liter, RON95-III gasoline decreased by 72 VND/liter, diesel oil increased by 120 VND/liter, kerosene increased by 124 VND/liter and mazut oil decreased by 319 VND/kg.

According to the joint ministries, in the adjustment period on November 6, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the petroleum price stabilization fund for E5 RON 92 gasoline, RON95 gasoline, diesel oil, kerosene, and fuel oil.

Source: https://baolangson.vn/gia-xang-dau-hom-nay-13-11-dao-chieu-giam-manh-5064783.html