Oil prices today March 5: OPEC+ cuts production, oil prices turn up

World oil prices

At 6:00 a.m. on March 5, Brent crude oil was trading at $82.8 per barrel, up $0.75 from early this morning. WTI crude oil was trading at $78.74 per barrel, up $1.24.

Oil prices rose after the decision to extend the voluntary production cut agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+).

Accordingly, OPEC+ extended the voluntary oil production cut of 2.2 million barrels/day into the second quarter to support prices amid concerns about global growth and rising non-group production.

Analysts at ANZ Bank said OPEC+ production cuts continue to reduce supply amid market concerns about new developments in the Middle East.

Gasoline prices today turned up. (Illustration: Cong Hieu).

Geopolitical tensions in the Middle East remain high as Yemen’s Houthis vowed to continue targeting British ships in the Gulf of Aden following the sinking of the British-owned Rubymar. Progress towards a ceasefire in Gaza remains stalled.

However, limiting the rise in oil prices was a sharp increase in US inventories.

U.S. crude oil inventories rose for a fifth straight month, a larger-than-expected build that raised concerns about slowing economic growth and demand in the world’s top oil consumer.

Domestic gasoline prices

From 3:00 p.m. on February 29, the price of E5 RON92 gasoline increased by VND277/liter, not higher than VND22,752/liter; RON95 gasoline increased by VND330/liter, not higher than VND23,929/liter.

Meanwhile, diesel oil decreased by 137 VND/liter, not higher than 20,773 VND/liter; kerosene decreased by 135 VND/liter, not higher than 20,785 VND/liter; mazut oil increased by 30 VND/kg, not higher than 15,959 VND/kg.

In this management period, the Ministry of Industry and Trade - Ministry of Finance decided to set aside a price stabilization fund for fuel oil at 300 VND/kg (as in the previous period); no provision for gasoline, diesel and kerosene.

Since the beginning of the year, gasoline prices have undergone 8 adjustment sessions, including 2 decreases and 6 increases.

Chau Anh

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