Gasoline prices increased. Photo: Whichcar
On the March 19 trading session, international gasoline prices continued to increase. At the end of the first trading session of the week (March 18), oil prices increased about 2%, reaching the highest level since November 2023.
Data from Oilprice shows that at 8:41 pm on March 20 (Vietnam time), Brent oil price was trading at 87.19 USD/barrel, up 0.3 USD, equivalent to 0.35% compared to the previous session. immediately before. WTI oil price was at 83.05 USD/barrel, an increase of 0.33 USD, equivalent to 0.4% compared to the previous session.
According to analysts, oil prices increased sharply in the context of reduced supply and stronger demand.
On the supply side, Reuters reported that Iraq – the second largest producer of the Organization of the Petroleum Exporting Countries (OPEC) – said it would reduce crude oil exports to 3.3 million barrels/day in the coming months. to compensate for OPEC+ quota overruns since January.
Iraq’s Oil Ministry said the country exported an average of 3.43 million barrels per day in February.
Meanwhile, crude oil exports of Saudi Arabia (OPEC’s largest producer) decreased for the second consecutive month to 6.297 million barrels per day in January. In December 2023, Saudi Arabia exported 6.308 million barrel a day.
And Russia’s energy infrastructure has reduced its refining capacity by about 7% in the first quarter of 2024 due to the impact of drone attacks.
In addition, oil prices also received support thanks to signs of stronger demand and economic growth in China, the world’s top oil importer.
China’s retail sales rose above expectations in the January-February period, marking a solid start to 2024.
China’s crude oil output in January and February increased 3% year-on-year as refineries increased output to meet transportation fuel demand for Lunar New Year tourism.