Roundtable: Oil Price Outlook and Sharing Experiences for Sustainable Development

During the event, speakers will discuss the effects of the energy crisis and oil price volatility on socioeconomic growth. In addition, they will provide practical solutions for addressing the current challenges of stabilising production and operations towards sustainable growth while supporting a green transition to increase domestic energy independence and avoid future shortages.

Roundtable: Oil Price Outlook and Sharing Experiences for Sustainable Development

In the context of robust economic expansion and geopolitical uncertainty, oil prices have soared to heights much above all prior forecasts, and despite the fact that fuel costs are presently considerably lower, there is no indication that they will soon normalise.

The possibility of a price hike remains. Notably, governments are expanding their petroleum stockpiles since the world is undergoing an energy crisis while Europe is preparing for a tough winter. This increases the likelihood that oil prices will continue to rise. Meanwhile, oil prices in Vietnam are heavily influenced by global prices as the current petroleum supply is insufficient to meet local demand.

Key speakers of the seminar include:

• Phan Duc Hieu, standing member of the Economic Committee of the National Assembly

• Luong Van Khoi, vice president of the National Centre for Socioeconomic Information and Forecast under the Ministry of Planning and Investment

• Kenya Maeda, senior executive officer for Integrated Supply & Trading Crude & Global Business at Idemitsu Kosan Co.,Ltd.

• Nguyen Duc Dung, deputy general director at Mercantile Exchange of Vietnam

• Le Quang Trung, vice president of the Vietnam Logistics Business Association

The roundtable will take place at VIR’s headquarters at 47 Quan Thanh, Hanoi

OPEC+ to meet amid economic downturn fears Faced with recession fears, the OPEC+ countries are expected to agree a modest increase in oil production at a meeting on Monday, with some experts even forecasting a cut to support prices.

OPEC+ agrees oil output cut to prop up prices The OPEC+ oil cartel agreed Monday to cut production for the first time in more than a year as it seeks to lift prices that have tumbled due to recession fears.