Specifically, Brent oil price decreased by 1.98 USD, equivalent to 2.45%, to 79.10 USD/barrel. US WTI oil prices fell by 1.89 USD, equivalent to 2.49%, to 74.07 USD/barrel.
At a meeting on November 30, OPEC+ producers agreed to cut about 2.2 million barrels/day of oil in the first quarter of next year. This oil cut, including 1.3 million barrels/day, is part of a voluntary additional cut that Saudi Arabia and Russia have implemented.
According to Mr. James Davis at FGE, from the announced cut, the actual cut is only about 600-700 thousand barrels/day compared to the plan in the fourth quarter of 2023.
OPEC+ supplies more than 40% of the world's oil production. The group is focusing on reducing production as oil prices fell from around $98/barrel at the end of September amid concerns about weaker economic growth in 2024.
However, according to analysts, oil output outside OPEC+ may offset the shortage, limiting the increase in oil prices. Notably, US oil production is at a record 13.2 million barrels/day.
Meanwhile, on December 1, Federal Reserve Chairman Jerome Powell said that the US Central Bank will adjust interest rates cautiously.
According to the survey, in November, the US manufacturing industry was still sluggish and factory employment decreased. Investors are cautiously monitoring global manufacturing activity, which was still weak in November due to low demand.
In another development, negotiations to extend a week-long ceasefire between Israel and Hamas have not had the expected results. This means a recurrence of the conflict in Gaza and could lead to disruptions in global oil supplies.
On the supply side, on December 1, the US imposed additional sanctions related to the Russian oil price ceiling on 3 tankers.
Chairman of Google Hughes Energy Services said that the number of oil drilling rigs in the US increased by 5 rigs to 505 rigs this week, the highest level since September.
Domestic retail prices of petroleum on December 2 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,799/liter; RON 95 gasoline is not more than VND 22,990/liter; diesel is not more than VND 20,196/liter; kerosene is not more than VND 21,116/liter; mazut is not more than VND 15,729/kg.
