VPI's model predicts that this period, oil prices are expected to decrease slightly by 0.3-0.7%, in which diesel and kerosene may decrease by 0.3% to VND18,439/liter and VND18,730/liter, respectively.
The Machine Learning-based gasoline price forecasting model of the Vietnam Petroleum Institute (VPI) predicts that, in the operating period on October 17, gasoline prices may decrease by a small 0.1% if the Ministry of Finance and the Ministry of Industry and Trade do not set aside or use the Petroleum Price Stabilization Fund.
According to Mr. Doan Tien Quyet, data analysis expert of VPI, the gasoline price forecasting model applying the Artificial Neural Network (ANN) model and the supervised learning algorithm in Machine Learning of VPI predicts that the retail gasoline price in the upcoming management period may only decrease by 0.1%, bringing the price of E5 RON 92 gasoline to 19,823 VND/liter, and RON 95-III gasoline to 21,033 VND/liter.
VPI's model forecasts that this period, oil prices are expected to decrease slightly by 0.3-0.7%, in which diesel and kerosene may decrease by 0.3% to VND18,439/liter and VND18,730/liter, respectively, while fuel oil may decrease by 0.7% to VND16,027/kg.
VPI forecasts that the Ministry of Finance and the Ministry of Industry and Trade will continue not to set aside or use the Petroleum Price Stabilization Fund this period.
On the world market, at the close of the session on October 15 (US time), Brent oil futures fell 4.14% to 74.25 USD/barrel; US light sweet crude oil (WTI) fell 4.4% to 70.58 USD/barrel.
What's happening in the oil market isn't really about supply, but about risks to supply and demand, according to Phil Flynn, senior analyst at investment brokerage Price Futures Group.
Brent and WTI have fallen about $5 a barrel so far this week, nearly erasing their cumulative gains after investors worried that Israel could strike Iranian oil facilities in retaliation for Tehran’s missile attack on October 1.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) has just lowered its forecast for global oil demand in 2024, with China accounting for most of the decline.
China's oil demand is forecast to grow by 580,000 barrels per day this year, down from 650,000 barrels per day previously.
OPEC also lowered its forecast for global oil demand in 2025 to 1.64 million barrels per day, down from the previous forecast of 1.74 million barrels per day. OPEC and major non-OPEC producers (known as OPEC+) may change their production plans later this year and delay the increase./.
Source: https://baolangson.vn/vpi-du-bao-gia-xang-on-dinh-trong-ky-dieu-hanh-ngay-mai-17-10-5025279.html
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