The sharp decrease in world oil price
over the past three months is expected to affect Vietnam’s oil export earnings
as well as a wide range of socio-economic aspects.
As the budget revenue estimate for 2015 was calculated based
on the oil price of around 100 USD per barrel, the Government recently had to
convene a meeting to discuss ways to respond to this trend.
The meeting agreed that with the low world price, it is
inevitable that the country would have to reduce output and even suspend
production at some wells where pumping cost is high.
