World oil prices
At the end of the trading session on May 22, oil prices continued to fall as investors considered information that OPEC+ was discussing increasing production in July, raising concerns about oversupply.
Brent crude fell 47 cents, or 0.72 percent, to $64.44 a barrel. WTI crude fell 37 cents, or 0.6 percent, to $61.20 a barrel.
According to Bloomberg News, OPEC+ is discussing whether to continue to increase production sharply at a meeting on June 1. The article cited delegates as saying that one option is to increase by 411,000 barrels per day in July.
“OPEC+ speculation is the biggest factor right now,” said John Kilduff, a partner at Again Capital in New York. He said the OPEC+ decision would carry a lot of weight, and Kazakhstan’s failure to meet its commitment last month made the situation worse.
Kazakhstan's oil output rose 2% in May despite OPEC+'s demand that the Central Asian country cut production.
OPEC+ plans to accelerate production and could return 2.2 million barrels per day to the market in November. The organization is in the process of unwinding production cuts and has decided to “pump” more oil into the market in May and June.
The market is reacting to evidence that OPEC is abandoning its strategy of protecting prices in order to gain market share, according to Harry Tchiliguirian, an analyst at Onyx Capital Group. RBC Capital analyst Helima Croft said a 411,000 bpd increase is the most likely.
Oil prices also fell during the session, weighed down by a report of unexpected increases in U.S. oil and fuel inventories as crude imports hit a six-week high and demand for gasoline and distillates fell. Data from the U.S. Energy Information Administration showed crude inventories rose by 1.3 million barrels to 443.2 million barrels, compared with analysts' expectations for a 1.3 million-barrel decline.
Emril Jamil at LSEG Oil Research commented that the unexpected increase in US oil inventories has put downward pressure on prices, especially WTI. This could encourage the US to export more to Europe and Asia.
Limiting the slide in oil prices was the news that the operating license of the US oil company Chevron in Venezuela will expire on May 27.
The news could be a game changer, but given past extensions, “the market is still not convinced,” said Phil Flynn, senior analyst at Price Futures Group.
Domestic gasoline prices
Domestic retail prices of gasoline on May 23 are as follows:
E5 RON 92 gasoline is not more than 19,122 VND/liter. RON 95-III gasoline is not more than 19,532 VND/liter. Diesel oil not more than 17,405 VND/liter. Kerosene not more than 17,314 VND/liter. Fuel oil not exceeding 16,512 VND/kg. |
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of May 22. Because the world price of gasoline and oil increased last week, but decreased in recent trading sessions, the domestic price of gasoline and oil was also adjusted in opposite directions, with gasoline prices decreasing slightly and oil prices increasing slightly. The price of E5 RON 92 gasoline decreased by 58 VND/liter, RON 95-III gasoline decreased by 62 VND/liter, diesel increased by 177 VND/liter, kerosene increased by 88 VND/liter and fuel oil increased by 352 VND/kg.
In this management period, the joint ministries continue not to set aside or use the Petroleum Price Stabilization Fund for E5 RON 92 gasoline, RON 95 gasoline, diesel oil, kerosene, and fuel oil.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-23-5-gia-dau-lap-hat-trick-giam-ngay-5047834.html
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