WORLD OIL PRICES (July 22-26, 2019 trading days)
Dubai crude has decreased week-on-week by nearly US$1.00 per barrel. MOPS gasoline has also decreased per barrel by almost US$3.40 while MOPS diesel has slightly increased by about US$0.02 per barrel.
Reasons for the Adjustment
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Crude prices settled lower, shedding risk premiums, as Gulf Coast oil operations normalized after Hurricane Barry left inland.
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Russian oil output reportedly returned to the level allowed in the OPEC+ agreement after dropping at the start of the month.
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Russia committed to a production level of 11.191 million b/d under the OPEC+ deal which runs to the end of March 2020.
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Easing tensions in the Middle East also placed a cap on crude prices during the week.
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UK government sent a mediator to Iran to start negotiations for release of the British-flagged Stena Impero which was seized by Revolutionary Guard forces in the Strait of Hormuz last week.
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Friday news revealed that the US Treasury extended until October 25 a waiver allowing Chevron and four US oil services companies to continue working in Venezuela's oil sector.
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The potential end of waivers is expected to further erode Venezuelan oil output, according to the US Energy Information Administration.
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Venezuelan oil production averaged 760,000 b/d in June, according to the latest Platts OPEC survey, 680,000 b/d below its June 2018 output and 1.64 million b/d below its output in June 2015.
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Gasoline market in Asia sustained weakness in trading sessions over the week likely due to news on the fresh batch of Chinese export quota.
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The Asian gasoil market continued to gain momentum on the back of ongoing supply tightness.
FOREX: Week-on-week value of Philippine Peso depreciated against the US dollar by P0.15 to P51.16, from P51.01 in the previous week.
Other recommended reference sites:
- http://www.aip.com.au/pricing
- http://www.indexmundi.com/commodities/?commodity=crude-oil-dubai
- https://www.quandl.com/data/ODA/POILDUB_USD-Dubai-Crude-Oil-Price
DOMESTIC OIL PRICES
Effective 30 July 2019, most of the oil companies implemented a per liter price increase/decrease on petroleum products. Gasoline has decreased by P0.95, while both diesel and kerosene have increased by P0.15 and P0.10, respectively.
Year-to-date adjustments stand at a net increase of P5.00/liter for gasoline, P3.95/liter for diesel and P2.15/liter for kerosene.
For the updated prevailing retail pump price, please browse this link: https://www.doe.gov.ph/price-monitoring-charts?q=retail-pump-prices-metro-manila
For more information, call the
Department of Energy
Pricing: 840-2187
LPG: 840-2130
Fuels: 840-5669
SMS: (0915) 4469421
Email: oilmonitor@doe.gov.ph
Website: https://www.doe.gov.ph