Vietnam Oil and Gas Industry Report Q2/2022
Due to the impact of the world situation, Vietnam’s gasoline prices have been continuously high since the beginning of the year.
Domestic petroleum production decreased slightly svck. According to GSO data, petroleum output in 6M/2022 reached 6.7 million tons, down 1.8% svck 2021. In the first quarter, production plants faced many difficulties. After many years of accumulated losses, Nghi Son faced financial difficulties, the price of input materials increased, and there was no cost of importing crude oil to produce finished products.
Upstream
Oil and gas production in Vietnam has continuously decreased in recent years. Generally, in the first 6 months of 2021, crude oil production is estimated at 4.5 million tons, down 1.19% over the same period in 2021.
Downstream
According to GSO data, petroleum output in 6M/2022 will reach 6.7 million tons, down 1.8% svck 2021; LPG production output of 6T in 2022 decreased slightly compared to the same period in 2021; Prices of downstream products are at a high level.
World oil price forecast
EIA forecasts that Brent oil price will average USD 108/barrel in the second half of 2022, then fall to an average of USD 97/barrel in 2023. Low inventories as at present, According to the EIA, will increase the possibility of oil price volatility. The price of input materials increased, and there was no cost of importing crude oil to produce finished products.
