Oil prices fall 2% as OPEC cuts growth outlook

Gasoline price today October 15, 2024

Recorded on Oilprice at 5:00 a.m. on October 15, 2024 (Vietnam time), WTI oil price was at 71.86 USD/barrel, down 2.29% (equivalent to a decrease of 1.73 USD/barrel).

WTI oil price on the world market early morning October 15 (Vietnam time)

Similarly, Brent oil price was at 75.26 USD/barrel, down 4.78% (equivalent to a decrease of 3.78 USD/barrel).

Brent oil price on the world market early morning October 15 (Vietnam time)

Oil prices fell 2% today as OPEC once again lowered its forecast for global oil demand growth in 2024 and 2025 while China's oil imports fell for a fifth consecutive month.

China's economic stimulus plans also failed to boost investor confidence while markets continued to monitor potential Israeli attacks on Iran's oil infrastructure.

OPEC today cut its forecast for global oil demand growth in 2024 and also lowered its forecast for next year, marking the producer group's third consecutive downward revision.

China, the world's largest crude importer, accounted for the bulk of the 2024 forecast decline as OPEC cut its growth forecast for the country from 650,000 barrels per day to 580,000 barrels per day.

China's crude oil imports in the first nine months of the year fell nearly 3% year-on-year to 10.99 million barrels per day, data showed.

China's falling oil demand due to the growing use of electric vehicles (EVs), as well as slowing economic growth in the wake of the COVID-19 pandemic, has curbed global oil consumption and prices.

China's deflationary pressures also worsened in September, official data released on Saturday showed. A press conference the same day left investors guessing about the overall size of the stimulus package aimed at reviving the fortunes of the world's second-largest economy.

“ The lack of a clear timeline and no measures to address structural issues such as weak consumption and reliance on infrastructure investment only add to the uncertainty among market participants, ” noted Mukesh Sahdev, global head of oil commodity markets at Rystad Energy.

Negative news from China overshadowed market concerns about the possibility that Israel’s response to Iran’s missile attack on October 1 could disrupt oil production.

The United States said on Sunday it would send troops to Israel along with an advanced anti-missile system in a highly unusual deployment aimed at boosting the country's air defenses.

“ While the likelihood of an Israeli attack on Iran remains high, the latest US military buildup may have tempered the response from both sides,” said Dennis Kissler, senior vice president of trading at BOK Financial. “Trading will remain on edge as most fund managers remain on the sidelines .”

Officials said Washington has privately urged Israel to calibrate its response to avoid triggering a broader war in the Middle East, as President Joe Biden publicly spoke out against an Israeli strike on Iran’s nuclear sites and expressed concern about an attack on Iran’s energy infrastructure.

The dollar also hit a nine-week high on Monday in thin trade. A stronger U.S. currency could hurt demand for dollar-priced oil from buyers using other currencies.

A preliminary Reuters poll on Monday showed U.S. crude oil inventories were expected to have risen last week, while distillate and gasoline stocks likely fell.

Domestic retail gasoline prices on October 15, 2024 will be applied according to the adjustment session from 3:00 p.m. on October 10 by the Ministry of Finance - Ministry of Industry and Trade.

Item	Price (VND/liter/kg)	Difference from previous period
E5 RON 92 gasoline	19,846	+996
RON 95 gasoline	21,061	+1.258
Diesel	18,500	+1.099
Oil	18,790	+1.139
Fuel oil	15,911	+908

Specifically, the price of E5 RON 92 gasoline increased by VND996/liter to VND19,846/liter; RON 95 gasoline increased by VND1,258/liter to VND21,061/liter.

Diesel 0.05S price: Increased by 1,099 VND/liter, up to 18,500 VND/liter; Kerosene increased by 1,139 VND/liter, up to 18,790 VND/liter; Madut 180CST 3.5S increased by 908 VND/kg, up to 15,911 VND/kg.

Gasoline price today October 15, 2024. Illustration photo

In this management period, the Ministry of Industry and Trade - Ministry of Finance did not set aside or use the Petroleum Price Stabilization Fund for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene, and mazut oil.

Thus, from the beginning of 2024 to now, domestic gasoline prices have undergone 40 adjustment sessions, including 20 decrease sessions, 17 increase sessions and 4 opposite sessions.

Source: https://congthuong.vn/gia-xang-dau-hom-nay-15102024-gia-dau-giam-2-khi-opec-cat-giam-trien-vong-tang-truong-352433.html