Crude oil imports to Vietnam increase sharply

According to preliminary statistics from the General Department of Customs, crude oil imports into Vietnam in August reached more than 1.08 million tons, equivalent to more than 684 million USD, down 23.7% in volume and 18.3% in value compared to the previous month. In the first 8 months of 2024, our country's crude oil imports reached more than 9.1 million tons, worth more than 5.7 billion USD, up 23.3% in volume and 26.7% in value compared to the same period in 2023.

In terms of market, Kuwait is the largest supplier of crude oil to Vietnam. In the first 8 months of 2024, oil imports from this country reached more than 7.9 million tons, equivalent to 494 million USD, up 32% in volume and 37% in value over the same period last year. Import prices increased by 5% compared to the first 8 months of 2023, reaching 624 USD/ton.

In the first 8 months of 2024, our country's crude oil imports reached more than 9.1 million tons, worth more than 5.7 billion USD. Photo: PV Oil

Nigeria ranked second with more than 525 thousand tons, worth more than 352 million USD and Brunei with more than 82 thousand tons, reaching more than 55 million USD.

As of now, Kuwait has an estimated oil reserve of 101 billion barrels, according to figures from OPEC and other international energy organizations. Kuwait is one of the world's leading countries in terms of oil reserves and plays an important role in the global oil industry.

Kuwait's oil revenue is expected to reach nearly $82 billion, according to data in the budget for the fiscal year ending March 31, 2023, as oil prices rise sharply in 2022. Oil generates more than 90% of the country's GDP.

In 2023, Vietnam imported more than 10 million m3 of gasoline and oil, equivalent to 8.4 billion USD, up 27.9% in volume and 1.1% in value over the same period in 2022.

The reason Vietnam imports crude oil is because domestic production is gradually decreasing. Traditional oil fields have entered a stage of exhaustion, causing domestic supply to be insufficient to meet demand.

In addition, it is necessary to maintain capacity at oil refineries, especially at Dung Quat and Nghi Son Refineries. Importing oil also helps Vietnam stabilize its energy supply, avoiding risks due to disruptions in domestic supply. 80% of crude oil for these two factories comes from imported sources, while finished petroleum products still need to be imported about 30% more to meet consumer demand.

Source: https://congthuong.vn/nhap-khau-dau-tho-ve-viet-nam-tang-manh-349763.html