On the world market, gasoline prices today, June 4, tend to go down following the decline from the first session of the week (June 3).
On June 3, world gasoline prices extended their decline from last week.
Gasoline prices plummeted. Photo: ThoughtCo
Data from Oilprice shows that at 9:34 p.m. on June 3 (Vietnam time), Brent oil price was listed at 79.02 USD/barrel, down 2.58% compared to the previous session. WTI oil price was at 74.76 USD/barrel, down 2.9% compared to the previous session.
World oil prices continue to decline despite the decision to extend production cuts by the Organization of the Petroleum Exporting Countries and allied countries (OPEC+).
At an online meeting on June 2, OPEC+ agreed to extend the cut of 3.66 million barrels of oil a day for another year until the end of 2025. At the same time, the organization also agreed to extend the cut. 2.2 million barrels of oil per day of 8 members for an additional 3 months until the end of September 2024.
OPEC+ is cutting production by a total of 5.86 million barrels per day, equivalent to about 5.7% of global oil demand.
In particular, OPEC+’s decision to cut 3.66 million barrels/day will expire at the end of 2024, while the voluntary cut agreement of 2.2 million barrels/day will expire at the end of June 2024. .
Last week, oil prices recorded their second consecutive week of decline. Overall for the past week, Brent oil prices decreased by 0.6%, while WTI oil prices decreased by 1%.
This week, oil prices are affected by a series of events, including the European Central Bank’s (ECB) policy meeting and the US employment report scheduled to be released on June 7. .