On November 19, world oil prices increased sharply, almost erasing the cumulative decline of the previous week. Accordingly, Brent oil prices increased by 2.26 USD, equivalent to 3.2%, to 73.3 USD/barrel; while WTI oil prices also increased by 2.14 USD, equivalent to 3.2%, to 69.16 USD/barrel.
According to the Vietnam Commodity Exchange, oil prices "climbed" after news of a production shutdown at the Johan Sverdrup oil field of the Equinor Energy Group (Norway) due to a power outage.
It is also the largest oil field in Northern Europe. Production restarts are being promoted, but the source said there was no specific timetable. Crude oil supplies from the North Sea region are mainly Brent. According to analysts, the incident could support Brent prices.
A decline in crude oil stored on tankers around the world also helped support prices, according to MXV. According to ship monitoring firm Vortexa, crude oil stored on tankers in the week ending November 15 was 50.97 million barrels, down 14% from a week earlier.
On the contrary, China's crude oil demand continued to show signs of weakness and somewhat put pressure on oil prices yesterday.
Speaking with Lao Dong, a petroleum business in Hanoi said that due to the sudden sharp increase in world prices, domestic petroleum prices are forecasted to decrease slightly in the price adjustment period on the afternoon of November 21.
Accordingly, the price of RON 95 gasoline is forecast to decrease by 200 VND/liter; E5 RON 92 gasoline is forecast to decrease by 230 VND/liter; diesel is forecast to decrease by 240 VND. The above forecast does not take into account the allocation or use of the Petroleum Price Stabilization Fund by the authorities. If the regulatory agency allocates, the gasoline price may decrease less or remain the same compared to the previous adjustment period.
Since the beginning of the year, gasoline prices have increased 21 times and decreased 24 times. Oil prices have increased 20 times and decreased 25 times.
On November 19, the retail price of gasoline announced by Petrolimex in the market of region 2 (far from ports, warehouses, factories) is as follows: RON 95-V gasoline 21,580 VND/liter, RON 95-III gasoline 21,010 VND/liter, E5 RON92 gasoline 19,830 VND/liter, diesel oil 19,190 VND/liter, kerosene 19,350 VND/liter and fuel oil (wholesale price) from 16,320 - 19,180 VND/liter.
