According to a survey at 11:00 on April 20 (Vietnam time), WTI oil price increased by 2.21 USD/barrel (up 3.54%), to 64.68 USD/barrel. Brent oil price increased by 2.11 USD/barrel (up 3.2%), to 67.96 USD/barrel.
"This is a potential loss of supply for the market," said John Kilduff, a partner of again Capital. This increases concerns that global supply will tighten in the coming time. Traders are now positioning a possible cut in Iran's crude oil supply in the summer."
Supporting the price increase this week is also the OPEC announcement that it has received an updated plan related to cutting oil production for some member countries to compensate for exploitation exceeding the agreed quotas.
According to the latest plan, from April 2025 to June 2026, the monthly cut output will be in the range of 196,000 barrels/day - 520,000 barrels/day, an increase from 189,000 barrels/day to 435,000 barrels/day before.
Expectations of a trade deal between the US and the European Union (EU) have also assisted oil prices.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to this development, it is forecasted that in the next price management period, retail prices of gasoline may increase sharply.
In particular, RON 95 gasoline price may increase by about 600-800 VND/liter; E5 gasoline may increase by about 500-700 VND/liter; Diesel oil increases by about 400-600 VND/liter.
In the adjustment session on April 17, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,498/liter (down VND384/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND18,856/liter (down VND351/liter).
Prices of oil products increased and decreased in opposite directions. Of which, diesel 0.05S is priced at VND17,037/liter (down VND206/liter); kerosene has a new price of VND17,184/liter (down VND229/liter); mazut is priced at VND15,960/kg (up VND58/kg).
The world petroleum market last week's operating period (from April 10, 2025 to April 16, 2025) was affected by main factors such as: fluctuations in US tax rates on goods of trading partners, increased oil output of OPEC+, international energy agency IEA forecasts that oil demand will grow slowly in 2025, military conflict between Russia and Ukraine continues...
The above factors have caused world oil prices in recent days to fluctuate depending on the commodity.
