Global oil prices are under pressure due to slowing demand and increasing supply. SSI Research predicts that Brent crude oil prices will stabilize at $65/barrel for 2025, with demand expected to rise by only 720,000 barrels per day, while supply could increase by 1.8 million barrels per day thanks to OPEC+ and the U.S. Geopolitical tensions might cause short-term volatility but are unlikely to affect long-term trends. Projects like Lô B and others such as Sư Tử Trắng 2B are expected to generate significant workloads for upstream service providers like PVD and PVS. PVD is anticipated to see a 14% growth in profit due to high rig utilization, while PVS may achieve a 25% profit growth from EPC contracts for the Lô B project. Fuels distributors like PLX and OIL might be negatively impacted by weak oil prices, whereas BSR is expected to triple its profit. Nonetheless, BSR’s profit could still be 70-80% lower compared to the period of 2021-2023. The LNG sector is also developing, with PV GAS remaining a key player.
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