Specifically, Brent oil prices decreased by 0.4%, down to 78.87 USD/barrel. US WTI oil prices fell 0.5%, down to $73.56/barrel.
This decision by Angola comes as OPEC is trying to call on member states to cut production to support oil prices. Angola currently produces about 1.1 million barrels/day, while the whole OPEC produces 28 million barrels/day.
Experts say Indonesia's announcement of leaving OPEC+ does not have much impact on global supply, but this could increase market skepticism about the level of compliance with the output cut commitments of other members in the group.
OPEC currently has only 12 members with an output of about 27 million barrels/day, accounting for 26.5% of the total oil output of the world market.
In addition, Indonesia's decision to leave OPEC could pave the way for Beijing to increase investment in oil and other sectors of the country.
In the US, lower inflation expectations have investors optimistic that the US Federal Reserve (Fed) will cut borrowing costs next year. Lower interest rates reduce consumer loan costs, which could boost economic growth and oil demand.
Limiting oil prices' decline is the weakening of the USD. The US Dollar Index (DXY) has dropped to 101 points.
Phil personal, an analyst at Price Futures Group, said it will take some time for Angola's oil production to increase. In addition, US inflation data and Houthi attacks in the Red Sea will support oil prices more than any future output increase from Angola.
Domestic retail prices of petroleum on December 23 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,199/liter; RON 95 gasoline is not more than VND 22,145/liter; diesel is not more than VND 19,524/liter; kerosene is not more than VND 20,494/liter; mazut is not more than VND 15,265/kg.
