Crude oil prices rise as OPEC cuts production

World crude oil price market information – Brent and WTI prices per barrel increased by 3% in the morning of October 3, 2022, after news that OPEC+ considered reducing production by up to 1 million barrels per day.

Brent crude rose more than $2.50 a barrel to $87.65.

US crude WTI also rose to $81.88.

Last week’s session, both these oils fell in price.

Crude oil prices rose today OPEC + considers reducing production by more than 1 million barrels a day. OPEC+ will have a policy meeting on October 5.

Last month, OPEC+ agreed to cut 100,000 barrels a day in October.

Oil prices have fallen for the fourth consecutive month, rising interest rates and a stronger dollar have put more pressure on financial markets around the world.

The source said OPEC+ produced nearly 3 million barrels a day less than its target in July.

The reason is that some members are subject to sanctions, while other countries have less investment to increase output.

Brent oil prices may move higher in the short term, gains may remain capped as investors fear a global recession.

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WB forecasts Vietnam’s economic growth to 7.2%

The World Bank has just raised its forecast for Vietnam’s economic growth in 2022 to 7.2%. In April, the World Bank only forecast Vietnam’s growth to about 5.3%.

Vietnam is the fastest growing country in Asia this year and 2023, Vietnam due diligence service.

For 2023, the organization kept its forecast for Vietnam’s economic growth at 6.7%.

The World Bank also raised its growth forecasts for the Philippines and Malaysia to 6.5% and 6.4% respectively in 2022.

For Indonesia, Southeast Asia’s largest economy, the World Bank kept its growth forecast unchanged at 5.1% this year and 2023.

The World Bank downgraded its forecast for Laos’ economic growth from 3.8% to 2.5%.

Meanwhile, Cambodia is forecast to increase slightly compared to the previous forecast, from 4.5% to 4.8%.

With a positive forecast from the World Bank, Vietnam is considered a bright spot of the regional economy as well as the world.

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US stocks fell for the third day in a row

Business due diligence service – The US stock market fell for the third consecutive session on August 30, 2022.

The rising employment data raised concerns that the Fed will have more reason to maintain the path of interest rate hikes to cool down inflation.

The Dow Jones Industrial Average fell 308.12 points, or 0.96%, to 31,790.87.

The S&P 500 also lost 44.45 points, or 1.1%, to 3,986.16.

Meanwhile, the Nasdaq Composite also dropped 134.53 points, or 1.12%, to 11,883.14 points.

The S&P 500 Index has fallen more than 5% since the Chairman of the US Federal Reserve (Fed), reaffirmed the US central bank’s determination to raise interest rates.

U.S. job vacancies rose to 11,239 in July. Last month’s figure was also revised higher.

A separate report on consumer confidence showed that US consumer confidence rebounded strongly in August after three consecutive months of decline.

Mr. John Williams said, to combat high inflation, the US central bank could raise interest rates to around 3.5%.

Atlanta Fed President Raphael Bostic thinks the Fed could cut by 0.75%, if the latest data shows inflation is slowing.

Thomas Barkin, president of the Fed in Richmond, said that the Fed’s commitment to bring inflation back to the 2 percent target is unlikely to lead to a recession.

74.5% of Wall Street traders are expecting the Fed to raise rates by 0.75% at its September meeting.

The stock market continued to decline, the energy industry dropped by 3.36% because oil prices fell by more than 5% in the past time.

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Saudi Arabia invests big money in US stocks

Information from Saudi Arabia’s national investment fund, this fund has invested about $ 7.5 billion in stocks in the US such as Amazon or Microsoft.

PIF – Saudi Arabia’s investment fund has bought shares in 17 companies in the US, including: Amazon, Microsoft, Alphabet, BlackRock‚Ķ

According to published information, each investment is worth 400-500 million USD.

The total value of PIF’s US portfolio decreased by 3 billion USD in the second quarter, the amount of investment was about 40.8 billion USD.

The reason is that the remaining stocks in the portfolio dropped in price.

Accordingly, the S&P 500 index fell 20% in the first half of this year due to inflation and recession concerns. The index is still down 9% year-to-date.

Crown Prince Mohammed bin Salman is using the huge revenue from oil sales to accelerate the economic reform strategy he proposed in 2016.

State-owned oil company Saudi Aramco also reported second-quarter profits nearly doubled, to about $50 billion.

Saudi Arabia’s GDP grew 11.8% in the second quarter thanks to higher oil prices.

Over the past two years, PIF’s US stock portfolio has lost 38% of its value, WhaleWisdom estimates.

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Russian oil exports fall to 5-month low

In the week ending August 12, Russian oil exports fell sharply, to the lowest level since March 2022.

Russia exported 3.24 million barrels a day, down from 3.32 million barrels a week earlier.

The average amount of oil Russia exports to Asia is 1.72 million barrels a day, which is a low amount compared to April and May 2022.

Oil exports to Europe fell to 1.32 million barrels a day.

The amount of Russian oil sold to Asia, mainly to China and India, has gradually decreased after stalling at 2 million barrels a day from the end of April to the end of June.

Asia is currently the main market for Russian oil, after Europe stopped or reduced imports, due to the country launching a war to invade Ukraine.

Russia is also actively looking for new markets in Sri Lanka and Egypt.

Russian oil exports are 500,000 barrels a day lower than their peak in April.

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Russian GDP down 4% in second quarter of 2022

Business due diligence service in Vietnam – The latest information from Rosstat shows that Russia’s GDP decreased by 4% in the second quarter, the country’s economy returned to 2018.

Preliminary figures just released by Rosstat show that Russia’s GDP fell by 4% in the second quarter compared to the same period in 2021.

The previous quarter, Russia grew at 3.5%.

Analysts said that Russia’s GDP fell due to weak consumer demand after Western sanctions.

According to Bloomberg, Russia’s current GDP is equivalent to 2018.

Russia’s GDP could fall another 2% in 2023.

Russia’s decline in the second quarter was still lower than forecast. Reuters forecast a decline of 7%. Meanwhile, Bloomberg’s forecast is 4.7%.

The Central Bank of Russia previously forecast GDP to contract by 4.3% in the second quarter and on track to decline by 7% in the third quarter.

The Russian Economy Ministry thinks GDP could fall by more than 12% in 2022, after growing by 4.7% in 2021.

The Central Bank of Russia also forecasts a GDP decline of 8% – 10%. Last month, they revised their forecast to 4% – 6%.

The economic situation is bleak due to the country launching a war against Ukraine.

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China’s GDP grew by 0.4% in the second quarter

China’s GDP grew by 0.4% in the second quarter compared with the same period in 2021, which is considered an unexpected growth.

China’s industrial production, in June, also grew slower than forecast, with 3.9% compared to 2021.

Retail sales in June increased by 3.1%, reversing from May, due to large promotions.

Statistics on the unemployment rate in China’s 31 largest cities also fell to only 5.8%.

In the second quarter, China faced the Covid-19 epidemic, blockade orders were imposed to limit the epidemic.

In early June 2021, Beijing, Shanghai and some other places in China began to normalize operations.

Many banks have continuously lowered their growth forecasts for China due to the country’s blockade policy.

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Vietnam: Petrol oil prices down 3,000 VND per liter

Information from the authorities in Vietnam – From 0:00 on 11/7/2022, each liter of gasoline will reduce the price from 3,090-3,110 VND, oil will reduce 800-3,020 VND per liter.

Vietnam due diligence services – In previous cycles, gasoline prices were adjusted every 10 days.

At the operating period on July 11, 2022, the price was announced earlier due to the effect of reducing environmental protection tax.

The price of gasoline E5 RON 92 is 27,780 dong (down 3,110 dong), RON 95-III gasoline is 29,670 dong (down 3,090 dong) per liter.

Diesel is 26,590 VND per liter, down 3,020 VND.

Kerosene has a new price of 26,340 VND, down 2,010 VND.

Fuel oil also dropped to 18,920 dong per kg, down 800 dong.

The executive agency deducts 950 VND per liter of gasoline into the price stabilization fund. Diesel is charged 550 VND per liter, while kerosene is 800 VND and fuel oil is 950 VND per kg.

Petrol prices are reduced environmental protection tax. Each liter of gasoline is reduced by 1,000 VND, oil products are 500-700 VND per liter.

For kerosene, the environmental protection tax rate remains at 300 VND per liter.

Environmental protection taxes on petrol prices are also reduced in order to keep petrol prices down.

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Dragon Capital buys 2 million Sacombank shares

Information from Dragon Capital – This organization has net bought an additional 2.1 million shares of Sacombank, which means that this organization has increased its ownership ratio in Sacombank to more than 6%.

Saigon Thuong Tin Bank (Sacombank) has just reported a change in ownership of a group of related foreign investors who are major shareholders.

Information said, on June 29, two member funds of Dragon Capital, CTBC Vietnam Equity Fund and Norges Bank, bought 2 million and 300,000 shares of Sacombank’s STB, respectively.

Samsung Vietnam Securities Master Investment Trust (Equity) member fund sold 200,000 STB shares.

After a net purchase of 2.1 million shares of STB, 11 member funds of Dragon Capital group hold more than 114.8 million shares, equivalent to an ownership rate of nearly 6.09% in the bank.

Each STB share was priced at 22,350 VND on July 4, 2022, this stock has increased by nearly 20% compared to the session on June 20.

In March, Dragon Capital group raised its ownership rate in Sacombank to over 5% and returned to be a major shareholder for the first time.

This fund is currently a major shareholder in VPBank and holds a large number of shares in MB and ACB.

By 2022, Sacombank aims to increase its credit balance by 12% to VND 435,000 billion and the bad debt ratio to be below 2%.

Total assets reached 573,000 billion VND and mobilized capital reached 512,700 billion VND, both increased by 10%.

The target profit before tax of this bank is 5,280 billion dong.

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Fed may have to raise interest rates sharply

Information from the Fed said that the peak of inflation in May 2022 could cause the Fed to raise interest rates by 0.75%.

Federal Reserve Chairman Jerome Powell has not considered raising an additional 0.75% to deal with inflation.

Actual situation after May inflation peaked in 40 years, Wall Street thinks that Powell may have to change this view to raise interest rates.

US stocks fell sharply in recent sessions. Yields on 10-year US government bonds to 3.27%, if interest rates increase by 0.75%, it means that the Fed is really worried about inflation.

Fed may raise interest rates

Investors are betting 60% chance that the Fed will raise interest rates by 0.5%. The probability of raising interest rates by 0.75% has also increased from 3% last week to 40% until now.

Economists at Barclays think the Fed will announce a rate hike of 0.75% on June 15, 2022.

Investors did not rule out the possibility that the Fed would raise interest rates by 0.75% within the week. The scenario of interest rate hike may take place in the near future.

The figures show that this probability is currently 50%, the probability of a 1% increase next month is more than 25%.

Investors also noticed when Powell and other Fed members repeatedly said that decisions were based on numbers.

Inflation is still increasing, that’s why the possibility of raising interest rates by 1% cannot be ruled out.

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