World oil prices
Oil prices rose more than 1% in Monday trading after OPEC+ reported a lower-than-expected increase in production for November, helping to ease concerns about excess supply.
According to Reuters, at the end of the trading session on October 6, Brent oil price increased by 0.94 USD/barrel, equivalent to 1.46%, to 65.47 USD/barrel; WTI oil price increased by 0.81 USD/barrel, equivalent to 1.33%, to 61.69 USD/barrel.
“The market feels that the actual oil supply will be significantly lower than announced, because some OPEC+ member countries are already producing at maximum capacity,” said Andrew Lipow, president of energy consultancy Lipow Oil Associates.
On October 5, OPEC+ announced that it would increase oil production by 137,000 barrels per day from November. The group opted to maintain a modest monthly increase similar to October, amid persistent concerns about the risk of an upcoming supply glut.
Before the meeting, some sources said Russia supported an increase of 137,000 barrels per day to avoid putting pressure on oil prices, while Saudi Arabia wanted that number to be double, triple, or even quadruple in order to quickly regain market share.
According to PVM Oil Associates analyst Tamas Varga, the decision to increase output modestly was made by OPEC+ in the context of increased oil exports from Venezuela, the resumption of oil flows from the Kurdistan region through Türkiye and a large amount of unsold oil in the Middle East for November delivery still in inventory.
In the short term, some analysts predict that slowing global refinery operations due to maintenance will put some pressure on market sentiment, according to Reuters.
Last week, the US Energy Information Administration (EIA) said that the country's crude oil, gasoline and distillate fuel inventories rose more than expected in the week ended September 26, as refining activity and consumption weakened.
“If production continues to increase steadily, the possibility of a sharp drop in oil prices will be limited. Now everything depends on whether the US economy can recover its growth rate in the last months of 2025 and early 2026. This factor will play a key role in boosting consumption demand,” said Chris Beauchamp, chief analyst at IG Group.
Domestic gasoline prices
Domestic retail prices of gasoline on October 7 are as follows:
| - E5RON92 gasoline: No higher than 19,624 VND/liter - RON95-III gasoline: No higher than VND 20,209/liter - Diesel 0.05S: Not higher than 19,038 VND/liter - Kerosene: Not higher than 19,005 VND/liter - Mazut oil 180 CST 3.5S: Not higher than 15,370 VND/kg |
The Ministry of Industry and Trade - Ministry of Finance has just decided on retail prices of gasoline and oil from 3:00 p.m. on October 2. Accordingly, gasoline and oil prices have increased simultaneously. Gasoline prices increased by 6 - 44 VND/liter; oil prices increased by 161 - 380 VND/liter. Specifically, E5RON92 gasoline prices increased by 6 VND/liter, RON95-III gasoline increased by 44 VND/liter, diesel increased by 380 VND/liter, kerosene increased by 377 VND/liter and mazut increased by 161 VND/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.
Source: https://baolangson.vn/gia-xang-dau-hom-nay-7-10-sac-xanh-bao-trum-5061032.html
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