After OPEC forecasted a balance in supply and demand in 2026, world oil prices unexpectedly fell. In the domestic market, according to the gasoline price management cycle adjusted this afternoon, fluctuations are forecast to increase, especially for diesel.
According to Oilprice, on the morning of November 13 (Vietnam time), Brent oil price decreased by 2.45 USD/barrel, equivalent to 3.76%, to 62.71 USD/barrel. WTI decreased by 2.55 USD/barrel, equivalent to 4.18%, to 58.49 USD/barrel.
World oil prices fall as OPEC adjusts supply. Illustrative photo
Oil prices fell more than $2 a barrel in Wednesday trading, pressured by a new OPEC report that said global oil supplies will equal demand by 2026, marking a revision from an earlier forecast of a supply shortage, experts said.
The Organization of the Petroleum Exporting Countries (OPEC) said global oil
supplies will balance demand next year, mainly due to increased production by the OPEC+ group. OPEC had previously forecast a supply deficit in 2026.
Meanwhile, the International Energy Agency (IEA) has just released its annual “World Energy Outlook” report, predicting that oil demand could continue to increase until 2050. This is a notable change from the IEA’s previous view that global oil demand would peak this decade, as the agency has adjusted its approach, taking into account only regulations that have been issued, not climate targets.
OPEC’s forecast comes as some crude suppliers are struggling to find buyers, said John Kilduff, a partner at Again Capital. “There are cargoes that are not being taken. The spot market is forming a new price curve. There is a general sense that the U.S. economy is weakening,” he said.
Analysts have previously highlighted the oversupply of oil as holding back the price rally. OPEC+ agreed this month to halt production increases in the first quarter of next year, after gradually lifting production cuts from August this year.
Additionally, the reopening of the US government could boost consumer confidence and economic activity, thereby boosting crude oil demand, according to IG analyst Tony Sycamore.
The Republican-controlled US House of Representatives is set to vote on a budget compromise to restore funding to federal agencies, ending the government shutdown that has lasted since October 1.
The US Senate passed the bill on the night of November 10. House Speaker Mike Johnson expressed hope that the document would easily pass the House.
Domestic gasoline prices will be adjusted this afternoon. Photo: Nguyen Duong
In the domestic market, according to the operating cycle of the Ministry of Industry and Trade – Ministry of Finance, gasoline prices were adjusted at 3:00 p.m. on November 13. With the unexpected developments in world crude oil prices in recent days, domestic gasoline prices may increase slightly.
It is forecasted that domestic gasoline prices this afternoon may fluctuate and increase by about 100 – 150 VND/liter. Meanwhile, diesel prices may increase more strongly by about 450 – 500 VND/liter.
Currently, the domestic retail price of gasoline is as follows: E5RON92 gasoline is not higher than 19,682 VND/liter. RON95-III gasoline is not higher than 20,416 VND/liter. 0.05S diesel is not higher than 19,323 VND/liter. Kerosene is not higher than 19,395 VND/liter. 180 CST 3.5S fuel oil is not higher than 14,320 VND/liter.
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