Oil and Gas sector – High oil price support E&P activites
- The extension of Saudi Arabia’s output cut of 1.0 mbpd, along with Russia’s extension of its 300,000 barrels/day of export cut through year-end supports the price of Brent crude.
- In 3Q23, OPEC has pumped an average of 27.4 mbpd (31% of global supply), 1.8 mn less than it believes consumers needs.
- The average price of Brent oil forecast in 4Q23 will be from USD 83 – 93/barrel, higher than the 9M23 average of USD 81/barrel.
- With pressure to increase oil and gas production output, we believe that PVN will try to push key projects into operation soon, boosting the business results of some upstream Vietnamese companies
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