Gasoline price today August 14: World oil price drops due to concerns about the Middle East

Gasoline price today, world oil price August 14, 2024

Recorded on Oilprice at 5:00 a.m. on August 14, 2024 (Vietnam time), WTI oil price was at 78.66 USD/barrel, down 2.14% (equivalent to a decrease of 1.71 USD/barrel).

Similarly, Brent oil price was at 80.99 USD/barrel, down 1.59% (equivalent to a decrease of 1.31 USD/barrel).

Brent and WTI crude oil prices fell as concerns about wider conflict in the Middle East eased after Iran made no move to retaliate against Israel.

The market had priced in anticipation of an Iranian attack but shrugged off the risk when no action took place.

The International Energy Agency maintained its global oil demand forecast for 2024 but lowered its estimate for 2025 due to the impact of weak consumption in China.

OPEC+ expects to cut oil demand for 2024 but still plans to increase output from October.

Tensions in the Middle East threaten to hit oil supplies, but the likelihood of a wider war is reduced as Iran considers talks with Hamas.

Jim Ritterbusch notes the easing of geopolitical risk premiums in oil prices.

The White House said the US is prepared for the possibility of an attack by Iran or its proxies in the region. Markets are awaiting the US consumer price index report, which is expected to provide fresh information on inflation.

Oil prices are rising on concerns about supply shortages. Supply concerns were heightened after Iran said it would retaliate against Israel and the United States, raising fears of a wider conflict in the Middle East.

Production declines at Libya’s 300,000-barrel-per-day Sharara oil field have also contributed to the shortage. Protests have forced the Libyan National Oil Corporation to gradually cut production at the field.

Oil prices were supported by a drop in crude and fuel inventories at major trading hubs.

UBS analyst Giovanni Staunovo stressed that the oil market is witnessing a supply shortage as oil inventories continue to decline.

Domestic gasoline prices today August 14, 2024

From 3:00 p.m. on August 8, 2024, domestic retail gasoline prices have been adjusted according to the decision of the Ministry of Finance and the Ministry of Industry and Trade.

The price of E5 RON 92 gasoline decreased by 901 VND/liter, currently at 20,715 VND/liter. The price of RON 95 gasoline decreased by 930 VND/liter, the new price is 21,673 VND/liter.

Diesel 0.05S decreased by 737 VND/liter, updated price is 19,141 VND/liter. Kerosene decreased by 684 VND/liter, new price is 19,411 VND/liter.

Mazut oil 180CST 3.5S decreased by 858 VND/kg, current price is 6,028 VND/kg.

During this operating period, the Petroleum Price Stabilization Fund cannot be used for E5RON92 gasoline, RON95 gasoline, diesel oil, kerosene and fuel oil products.

Since the beginning of 2024, domestic gasoline prices have undergone 31 adjustment sessions, including 15 decrease sessions, 14 increase sessions and 3 opposite sessions.