Oil prices decline but no major concerns: Vietnam’s upstream sector remains in the "safe zone"
• Brent crude oil prices for 2025 are expected to fluctuate within a narrow range in 2025 due to increased supply pressures and slower demand growth. The United States, Brazil, and Canada are the leading contributors to supply growth, while OPEC+ may adjust production increases in 2H2025.• Conversely, ongoing US-China trade tensions have reduced global growth prospects, causing organizations such as OPEC and the EIA to lower their oil demand forecasts. Nevertheless, low inventory levels and the flexible production management policy of OPEC+ will mitigate the risk of a sharp decline in oil prices.
• Notably, Brent crude prices are still significantly higher than the breakeven price of USD 55 per barrel for most oil fields in Vietnam. This has allowed oil companies such as PVDrilling, PTSC, and PVEP to maintain strong profitability.
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