According to a survey at 15:05 on May 23 (Vietnam time), WTI oil prices decreased by 0.44 USD/barrel (down 0.72%), down to 60.76 USD/barrel. Brent oil price decreased by 0.48 USD/barrel (down 0.74%), down to 63.96 USD/barrel.
According to ING analysts, the oil market is under new pressure as there is much speculation about what OPEC+ will do with their July output. They expect OPEC+ to continue to increase supply by 411,000 barrels/day in July and now forecast Brent oil prices to average $59/barrel in the fourth quarter.
OPEC+, including the Organization of the Petroleum Exporting Countries and its allies such as Russia, agreed to increase production by nearly 1 million barrels per day (bpd) in April, May and June.
Strong supply has offset concerns earlier this week by reports that Israel is preparing to attack Iranian nuclear facilities and new sanctions announced by the EU and the UK on Russia's oil trade.
The large amount of crude oil reserves in the US also put pressure on oil prices. As traders prepare for a sharp increase in supply in the coming months from OPEC+, US crude oil storage demand has skyrocketed in recent weeks to levels similar to the COVID-19 pandemic, according to data from the storage brokerage The tank Tiger.
For the domestic market, a representative of a petroleum business said that petroleum prices will fluctuate according to the world situation. According to current market developments, it is forecasted that in this afternoon's price adjustment period, retail prices of gasoline may have opposite adjustments in the direction of increasing gasoline prices and decreasing oil prices.
In particular, the price of RON 95 - III gasoline is forecast to increase by about 50-100 VND/liter; E5 RON 92 - II gasoline increases by about 80-120 VND/liter; Diesel oil decreases by about 250-350 VND/liter.
Domestic retail gasoline prices on May 23, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 22 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 22, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND19,122/liter (down VND58/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,532/liter (down VND62/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND 17,405/liter (up VND 177/liter); kerosene has a new price of VND 17,314/liter (up VND 88/liter); mazut is priced at VND 16,512/kg (up VND 352/kg).
