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Oil prices continue to fall: OPEC+ plans massive production increases!
Oil Prices Fall on May 31, 2025; OPEC+ plans to increase production. Analysts warn of pressure on prices and US energy demand.
Oil prices continue to fall: OPEC+ plans massive production increases!
On May 31, 2025, oil prices showed a significant decline, which has now continued for the second week in a row. Loud Vietnam.vn Brent oil price is reported at $63.81 per barrel, down 0.53%. The WTI oil price even falls by 1.58% to USD 60.01 per barrel.
This development comes as OPEC+ is discussing an aggressive production increase next month. Analysts at Commerzbank warn of additional pressure on oil prices from such increases. The organization plans to increase output by over 411,000 barrels per day. In this context, JPMorgan predicts that there is a global supply surplus of around 2.2 million barrels per day and that oil prices could gradually fall to over $50 per barrel by the end of the year.
Market factors and forecasts
Lower oil prices could also be linked to US consumer spending falling in April, raising concerns about US energy needs. In particular, Mr. Trump's tariffs, which remain in effect, have contributed to volatility in the oil market. Since the tariffs were announced on April 2, oil prices have fallen more than 10 percent.
On May 31, 2025, you can also take a look at the domestic gasoline prices in Vietnam:
| fuel | Price (VND/liter) | Change (VND) |
|---|---|---|
| Petrol E5 RON 92 | 19,196 | +74 |
| Gasoline RON 95 | 19,565 | +33 |
| Diesel | 17,136 | -269 |
| kerosene | 17,108 | -206 |
| heating oil | 16,264 | -248 |
It is worth noting that the petroleum price stabilization fund was not used for E5RON92, RON95, diesel, kerosene and mazut oil. Since the beginning of 2025, there have already been 22 adjustment phases in domestic gasoline prices, with 9 decreases, 8 increases and 5 opposite phases.
Global and local developments
OPEC+ is facing increasing challenges, particularly in relation to compliance with production quotas. While Saudi Arabia and other Gulf states stick to the set quotas, member states like Kazakhstan are funding more than intended. Analysts warn of the possible consequences of a price war that could result from market flooding. OPEC+ and other providers could produce an additional two million barrels per day in the next six months.
In summary, both geopolitical factors and the economic situation in the USA will play a decisive role in the further development of oil prices. A possible price increase could depend on higher U.S. oil production and the cost structure of fracking, which may no longer be profitable at prices below $60 per barrel.