Oil Prices Plummet on Saudi Arabia's Supply Decision
Oil prices declined sharply on September 16, with Brent oil dropping by 2.92 USD (2.7%) and WTI oil decreasing by 3.32 USD (3.1%). The downward trend continued into the morning session of September 17.
The price drop was attributed to Saudi Arabia's decision to supply more crude oil through Oman, reducing concerns about supply disruptions from the Middle East. However, oil transportation through the Strait of Hormuz remained low, with only four cargo ships passing through on September 15 compared to an average of 18 trips per day in the last 10 days.
Retail gasoline and oil prices were adjusted according to Petrolimex's price list for regions 1 and 2. Some companies offered discounts, while others maintained their prices.
Experts predict that retail gasoline and oil prices may increase in the next price adjustment period, with E10 gasoline potentially rising by 2,150 VND/liter, E5 RON 92-II gasoline increasing by about 2,140 VND/liter, and diesel oil increasing by around 3,400 VND/liter.