He said geopolitical conflicts, particularly in the Middle East, have become a major variable affecting global energy security, supply chains and macroeconomic stability.

According to him, Petrovietnam is facing pressure on multiple fronts, from crude oil price fluctuations affecting revenue, cash flow and inventories to the risk of disruptions in crude supply for refineries and petrochemical plants.

He noted that while higher oil prices may support exploration and production activities in the short term, excessive and unpredictable volatility increases financial and investment risks, while also putting pressure on storage costs and profit margins, especially in the refining and petrochemical sector.

In addition, competition for LNG supplies between Asia and Europe, along with rising transportation and insurance costs, is adding pressure to the gas-to-power supply chain and electricity supply capacity for the economy.

Domestic market pressures remain high

Within Vietnam, the fuel market is also being affected by crude oil prices, imported fuel costs, financing expenses and delays in the domestic price management mechanism. The fertilizer sector is facing similar challenges due to volatile gas input costs and fluctuations in global raw material prices, creating risks of rising expenses, slower consumption and large inventories.

Against this backdrop, Petrovietnam said its priority is to prevent disruptions to national energy balances while proactively preparing multiple response scenarios.

Pham Tuan Anh said the group is focusing on diversifying crude oil supply sources, optimizing inventories, strengthening demand forecasting, controlling cash flow and accelerating digital transformation to improve risk management capacity.

For fuel trading operations, the company has instructed its units to improve demand forecasting, balance inventories and ensure there are no fuel shortages or localized supply disruptions.

At the same time, Petrovietnam is accelerating the development of LNG, offshore wind power, hydrogen and other new energy models to reduce dependence on imported fuels and improve the resilience of Vietnam’s energy system.

Hong Khanh