According to a report from Oilprice at 6:00 a.m. on September 30 (Vietnam time), the price of WTI oil reached 68.19 USD/barrel, down slightly by 0.01%. The price of Brent oil also decreased by 0.17%, down to 71.86 USD/barrel.
Speaking with Lao Dong, a representative of the Vietnam Commodity Exchange - MXV said that regarding the decline in oil prices, Saudi Arabia is currently preparing to abandon its unofficial price target of raising crude oil prices to $100/barrel as the country prepares to increase production.
Meanwhile, Libya's factions have signed an agreement on the process for appointing a new central bank governor, the first step toward resolving a dispute over control of the central bank and oil revenues that has reduced Libya's oil production and exports.
This move from the OPEC+ member country could restore its exports to around 1 million barrels per day from an average of 400,000 barrels per day in September.
The additional supply news combined with previous concerns about weak growth from China, the world's No. 1 crude oil importer, weighed on market sentiment and put huge pressure on prices.
Russia said it could lift its ban on gasoline exports if fuel shortages on the domestic market improve. Despite the ban, Russian oil product exports rose about 10% in the first half of September compared to August as shipments of diesel and fuel oil recovered from multi-month lows last month.
Regarding the domestic market, speaking with Lao Dong, a petroleum business in Hanoi said that, along with the downward trend of world oil prices, domestic petroleum prices in the next adjustment session (October 3) are forecast to decrease sharply.
Of which, the price of RON 95 gasoline is forecast to decrease by 720 VND/liter; E5 RON 92 gasoline is forecast to decrease by 680 VND; diesel is forecast to decrease by 190 VND/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund.
Domestically, retail gasoline prices on September 30 are as follows:
E5 RON 92 gasoline is not more than 19,620 VND/liter.
RON 95-III gasoline is not more than 20,518 VND/liter.
Diesel oil not more than 17,506 VND/liter.
Kerosene not more than 17,873 VND/liter.
Fuel oil not exceeding 15,357 VND/kg.
