This week, world oil prices are forecast to increase slightly as summer oil demand continues to support prices. Domestically, gasoline prices have been adjusted upward.
World oil prices
Last week, world oil prices recorded strong increases, with only one session of decrease. Overall, Brent oil prices increased by 3%, WTI oil prices increased by about 2.2% compared to the previous week. This shows that investors are no longer betting on oil prices to stay high due to geopolitical tensions, as well as trade tensions and US tariff policies, but are instead closely monitoring the prospects for production and actual oil demand.
According to Oilprice, at 5:15 a.m. on July 14 (Vietnam time), Brent oil price increased by 0.32 USD/barrel (equivalent to 0.45%), to 70.68 USD/barrel and WTI oil price increased by 0.23 USD/barrel (equivalent to 0.34%), to 68.68 USD/barrel.
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| World oil prices are forecast to increase slightly this week. Illustration photo: Premiumtimesng.com |
The global oil market is tighter than it appears on the surface, with demand driven by peak summer refining demand to meet travel and power generation needs, according to the International Energy Agency (IEA).
Oil prices were also supported by the US Energy Information Administration (EIA) forecast that US oil production will decline in 2025 compared to previous expectations, as low oil prices in recent times have caused domestic producers to limit expansion of exploitation activities.
“The data shows that demand continues to increase and shows no signs of weakening,” said Phil Flynn, senior analyst at Price Futures Group.
OPEC+ is planning to increase production sharply from September, as the group continues to ease voluntary cuts. Previously, OPEC+ agreed to increase production by 548,000 barrels per day from August, with the UAE taking a new, higher quota, Reuters reported.
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| Illustration photo: Reuters |
“Oil prices are showing remarkable resilience, despite OPEC+’s plan to increase supply,” said Suvro Sarkar, head of energy analysis at DBS bank.
Meanwhile, UAE Minister of Energy and Infrastructure Suhail Al Mazrouei said the oil market is absorbing the OPEC+ production increase well without leading to stockpiling, which shows that demand remains high.
“Even with the continuous increase in supply, inventories have not increased significantly – which means the market really needs this oil,” Suhail al-Mazrouei stressed.
To further support the short-term oil price outlook, Russian Deputy Prime Minister Alexander Novak said that Russia will adjust to compensate for the excess production quota as committed to OPEC+ in the August-September period.
Another factor supporting higher oil prices is the news that Saudi Arabia plans to export about 51 million barrels of oil to China in August - the largest volume in more than two years.
Domestic gasoline prices
Domestic retail prices of gasoline on July 14, specifically as follows:
| - E5RON92 gasoline: Not higher than 19,659 VND/liter. - RON95-III gasoline: Not higher than VND 20,090/liter. - Diesel 0.05S: Not higher than 18,837 VND/liter. - Kerosene: Not higher than 18,371 VND/liter. - Mazut oil 180CST 3.5S: Not higher than 15,563 VND/kg. |
The Ministry of Industry and Trade and the Ministry of Finance decided on retail gasoline prices from 3:00 p.m. on July 10. Accordingly, the price of E5RON92 gasoline increased by VND214/liter, RON95-III gasoline increased by VND184/liter; diesel oil price increased by VND429/liter; kerosene increased by VND239/liter; and fuel oil price decreased by VND244/kg.
In this operating 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 fuel oil.
According to the joint ministries, the world oil market in this management period is affected by main factors such as: Escalating tensions in the Red Sea region; information about the US's new import tax policy on goods from trading partners; Russia - Ukraine military conflict... The above factors have caused world oil prices to fluctuate in recent days depending on each item.
DUC AN
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Source: https://baolamdong.vn/gia-xang-dau-hom-nay-14-7-xu-huong-tang-gia-382210.html
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