A sharp increase in the face of a serious oil shortage

The International Energy Agency (IEA) said that oil markets could lose 3 million barrels of Russian oil per day from April.

The US WTI oil price increased by 1.95% to $104.99/barrel at 7:57 am (Vietnam time) on March 19. Brent crude oil price for May delivery also increased 1.24% to 107.96 USD/barrel.

The International Energy Agency (IEA) said that oil markets could lose 3 million barrels of Russian oil per day from April.

American oil producers have also shown considerable restraint since the conflict in Ukraine began.

Tensions between Russia and Ukraine have caused oil prices to skyrocket, and some major economies such as the US and Canada have imposed sanctions on Russia by banning its oil imports.

The International Energy Agency (IEA) warned that with Russia’s oil exports at risk of continuing to fall, markets will squeeze supplies and push oil prices higher in the coming months, as the world steps down. during peak demand.

Increasing the supply of key commodities will not be able to alleviate the current shortage. Instead, advanced economies, which account for about 45% of global oil demand, could cut domestic demand.

On that basis, the IEA proposed a 10-point plan, with measures focused on the transportation industry with a large oil consumption. These measures include reducing speed restrictions, working from home three days a week, not driving on Sundays, reducing fares for public transport, and choosing to take the long-distance train instead of the machine. fly.

The IEA has urged governments to immediately take steps to cut global oil consumption over the next few months, citing concerns that the conflict in Ukraine will affect global energy supplies.

Crude oil prices rise well

In the Vietnamese market, on the morning of March 19, the price of gasoline on the market was not higher than the price:

– E5RON92 gasoline: not higher than 28,985 VND/liter,

– RON 95 gasoline is not higher than 29,824 VND/liter,

– Diesel oil not higher than 25,268 VND/liter,

– Kerosene not higher than 23,918 VND/liter,

– Fuel oil is not higher than 20,987 VND/kg.