Slight decrease in the first trading session of the week

World oil prices today, September 18, decreased slightly in the first trading session of the week.

World oil prices today, September 18, decreased slightly in the first trading session of the week. (Source: Reuters)

Recorded in the early morning of September 18, Vietnam time, on the New York Mercantile Exchange, the price of light sweet crude oil WTI for November 2023 delivery was at 90.13 USD/barrel, up 0.11 USD during the session and down 0.27 USD/barrel compared to the same time on September 17.

Meanwhile, the price of Brent oil for November 2023 delivery stood at 93.99 USD/barrel, up 0.06 USD during the session and down 0.29 USD/barrel compared to the same time on September 17.

The Organization of the Petroleum Exporting Countries (OPEC) has sharply criticised the International Energy Agency (IEA) forecast that demand for fossil fuels such as coal, oil and gas will peak before 2030, saying such a forecast is “extremely risky”, “unrealistic” and “ideologically driven”.

Demand for coal, oil and gas will peak before 2030, with fossil fuel consumption then expected to decline as climate policies take effect, according to Fatih Birol, executive director of the IEA. His assessment is based on the IEA's World Energy Outlook report, which will be published in October 2023.

OPEC has made clear its opposition to the IEA chief’s forecast. “Such projections are a recipe for failure of the global energy system,” OPEC Secretary General Haitham al-Ghais said. “This would lead to energy chaos on an unprecedented scale, with devastating consequences for the economy and affecting billions of people around the world.”

OPEC said its previous predictions of peak fossil fuel demand had not materialized. However, it added that the difference from today’s forecasts “and what makes them dangerous” is that they are often accompanied by calls to stop investing in new oil and gas projects.

OPEC has previously called on the IEA to be “very careful” about undermining investments in the industry.

Domestic retail prices of gasoline on September 18 are as follows:

E5 RON 92 gasoline is not more than 23,471 VND/liter.

RON 95 gasoline is not more than 24,871 VND/liter.

Diesel oil not more than 23,055 VND/liter.

Kerosene not more than 23,188 VND/liter.

Fuel oil not exceeding 17,704 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted at the joint price management session of the Ministry of Finance - Ministry of Industry and Trade on the afternoon of September 11. Accordingly, the prices of two gasoline products E5 RON 92 and RON 95 remained unchanged; the highest oil price increased by 410 VND/liter and the price of fuel oil remained unchanged.

In this operating period, the operator does not set aside the Price Stabilization Fund for all petroleum products; does not use the Price Stabilization Fund for the two products of diesel and kerosene, and only uses the Price Stabilization Fund for the two products of gasoline and fuel oil.

Since the beginning of the year, gasoline prices have undergone 25 adjustments, including 16 increases, 6 decreases, and 3 unchanged.

Source