Global oil prices last month recorded strong volatility, with Brent oil prices at times exceeding 90 USD/barrel and WTI reaching 85 USD/barrel, the highest in 6 months.
The main causes are geopolitical tensions in the Middle East and OPEC+ latest production cut decisions. Vietnam is a net oil exporting country so rising oil prices benefit the oil gas industry.
Vietnam Oil and Gas Group (PVN) reported Q1 2025 crude oil production reached 3.2 million tons, exceeding plans. Crude oil export revenue increased 25% year-on-year.