Specifically, Brent oil price increased by 1.71 USD, equivalent to 2.1%, to 81.99 USD/barrel. US WTI oil prices increased by 1.71 USD, equivalent to 2.3%, to 77.6 USD/barrel.
Today's oil prices are rising ahead of the possibility that the Organization of the Petroleum Exporting Countries (OPEC) will increase production cuts to restore prices.
Goldman Sachs forecasts OPEC will maintain its current production cuts in 2024. At the same time, Saudi Arabia's decision to cut 1 million barrels per day will continue until the second quarter of 2024 and will be gradually adjusted from July 2024.
Goldman Sachs also expects OPEC to review and ensure Brent oil prices are at $80-100/barrel by 2024 at its meeting later this month.
Meanwhile, IG analyst Tony Sycamore said that WTI oil prices could head towards $80/barrel thanks to the possibility of OPEC+ announcing stronger production cuts at the upcoming meeting.
However, the increase in oil prices was limited by additional supply signals from some countries.
Chairman of oil and gas services, Baker Hughes, said that the number of drilling rigs in the US last week increased by 6 rigs to 500 rigs.
In addition, Russia has also lifted a ban on gasoline exports. The move comes after Russia lifted most of the restrictions on diesel exports last month.
In the country, according to the Ministry of Industry and Trade, Decree 80 on petroleum trading takes effect from the date of signing on November 17. Therefore, the price adjustment period of the joint venture of the Ministry of Finance - Industry and Trade will take place every Friday instead of the 1st, 11th, and 21st of each month as before.
According to the Decree, this week, the above domestic retail price of gasoline and oil will be adjusted on November 23. It is expected that gasoline prices will be adjusted down slightly.
Domestic retail prices of petroleum on November 21 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,274/liter; RON 95 gasoline is not more than VND 23,530/liter; diesel is not more than VND 20,888/liter; kerosene is not more than VND 21,512/liter; mazut is not more than VND 15,623/kg.
