On November 20, recorded at 7:30 a.m. (Vietnam time), WTI crude oil price inched up 14 cents to 76.18 USD/barrel; Brent crude oil also increased 13 cents, to 80.74 USD/barrel.
Due to weak industrial fuel demand and a sharp increase in crude oil inventories in the US, oil prices plummeted last week. However, the Organization of Petroleum Exporting Countries (OPEC) still raised its forecast for world oil demand growth in 2023 to 2.46 million barrels/day, an increase of 20,000 barrels/day compared to the previous forecast. OPEC maintains its 2024 oil demand forecast of increasing by 2.25 million barrels/day.
In the same vein, the International Energy Agency (IEA) also raised its forecast for oil demand growth this year to 2.4 million barrels/day, an increase of 0.1 million barrels compared to the October forecast.
Analysts said that oil prices tended to increase in the first day of the week due to threats of supply shortage when expectations of crude oil demand for the industry showed signs of improvement. Besides that thanks The momentum increased sharply in the last trading session last week, up more than 4%.
Last week, the market recorded the fourth consecutive week of price decline, but the decrease was quite modest, only about 1% at the end of the week.
Domestically, it is expected that retail gasoline prices will be adjusted on November 23, according to the provisions of Decree 80 on newly issued petroleum business, amending and supplementing a number of articles in Decree 95 and Decree 95. 83. Decree 80 also stipulates that retail businesses and agents can source from 3 distributors and petroleum wholesalers instead of just 1 source as in the old regulations. Thus, discounts applied by distributors and traders to retailers will also be more competitive.
In another development, while the petroleum retail business community is reacting to the difficulty in applying the regulation that petroleum retail stores must issue electronic invoices at each sale, increasing costs too much for businesses. .. the local tax department has invited retail businesses to receive training on enforcement according to regulations. In addition, the Prime Minister also issued a telegram on inspection and supervision of compliance with the application of retail electronic invoices at petrol stations.
In the domestic market, the selling prices of gasoline today, November 20, are applied according to the prices of the operating session on the afternoon of November 13. Specifically, E5 RON92 gasoline price is 22,270 VND/liter, RON95 gasoline price is 23,530 VND/liter, Diesel 20,880 VND/liter, kerosene 21,510 VND/liter.