According to a survey at 08:20 on 5.5 (Vietnam time), WTI oil price decreased by 1.97 USD/barrel (down 3.38%), down to 56.32 USD/barrel. Brent oil price decreased by 1.89 USD/barrel (down 3.08%), down to 59.40 USD/barrel.
Both contracts hit their lowest level since April 9 at the opening of the trading session on Monday, after OPEC+ agreed to accelerate oil production for the second consecutive month, raising production in June by 411,000 barrels/day (bpd).
Tim Evans, founder of Evans on Energy, said in a note: " OPEC+'s decision on March 3 to increase production quotas by 41,000 barrels/day in June further reinforces market expectations that the global supply-demand balance is shifting to a surplus state."
OPEC+ sources said Saudi Arabia is pushing the group to speed up the removal of previous production cuts to punish members who do not comply with quotas, such as Iraq and Kazakhstan.
Analyst Amarpreet Singh commented that Barclays has lowered its forecast for Brent oil prices to $66/barrel for 2025 and $60 for 2026, down $4 and $2 respectively, due to the rapid removal of OPEC+'s quotas.
Meanwhile, tensions broke out in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group that fired a missile near Israel's main airport.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, retail prices of gasoline may be adjusted down.
In particular, gasoline prices are forecast to decrease by about 50 - 100 VND/liter; oil prices decrease by about 100 - 300 VND/liter/kg.
According to the Ministry of Industry and Trade, the regulation of gasoline prices will be implemented on Monday, May 5 (ie the first working day after the holiday) because Thursday (May 1) is the International Labor Day holiday (ie the second day off of the holiday on September 30-3).
Domestic retail gasoline prices on May 5, 2025 will be applied according to the adjustment session from 3:00 p.m. on April 24 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on April 24, the price of E5 RON 92 gasoline increased compared to the previous adjustment period, priced at VND 19,238/liter (up VND 740/liter). RON 95-III gasoline price increased compared to the previous adjustment period, at VND19,638/liter (up VND782/liter).
Prices of oil products increased simultaneously. Of which, diesel 0.05S is priced at VND17,524/liter (up VND487/liter); kerosene has a new price of VND17,71/liter (up VND531/liter); mazut is priced at VND16,524/kg (up VND564/kg).
