Gasoline price today July 28: Slight increase, 'waiting' for news from OPEC+

World oil prices recovered slightly in this morning's trading session after falling to a 3-week low. The market is "waiting" for news of further production increases from OPEC+ at this week's important meeting.

On the morning of July 27, gasoline prices edged up slightly by about 0.3%. At 7:45 a.m. (Vietnam time), global benchmark Brent crude oil was trading at $68.75/barrel; US WTI crude oil was trading at $65.45/barrel.

At the end of five trading sessions last week, Brent oil prices fell about 1%, while WTI lost up to 3%, to its lowest level in three weeks.

According to Reuters, on August 3, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will hold a meeting on production. It is expected that the eight members of this group can increase production by 548,000 barrels/day in September.

OPEC+ currently holds about half of global oil production, and during and after the pandemic years, the organization reduced production to support oil prices. However, this year the policy has been reversed, the group has continuously increased production to regain market share, partly due to pressure from US President Donald Trump for OPEC to pump more oil soon to control world gasoline prices.

Oil prices increased slightly this morning, July 28. PHOTO: REUTERS

If OPEC+ agrees to increase by 548,000 barrels per day in September, the 2.2 million barrels per day cut during the pandemic will be fully offset. The United Arab Emirates (UAE) is expected to complete the quota increase by 300,000 barrels per day ahead of schedule.

The crude oil market is "waiting" for news from OPEC+ today. According to analysts, if the group decides to continue increasing production, world oil prices may be supported to decrease again.

Domestically, updated prices of finished petroleum products up to the end of last week, domestic gasoline prices this week may drop slightly, the decrease is less than 100 VND/liter.

On July 28, the retail price of gasoline and oil announced by the Ministry of Finance - Industry and Trade on the market was as follows: E5 RON92 gasoline 19,279 VND/liter, RON 95-III gasoline 19,709 VND/liter, diesel oil 19,129 VND/liter, kerosene 18,628 VND/liter, mazut oil 15,379 VND/kg./.

According to Thanh Nien Newspaper

Source: https://thanhnien.vn/gia-xang-dau-hom-nay-2872025-tang-nhe-ngong-tin-tu-opec-185250728083706709.htm

Source: https://baolongan.vn/gia-xang-dau-hom-nay-28-7-tang-nhe-ngong-tin-tu-opec--a199632.html