According to the MoIT, ongoing military conflicts in the Middle East are creating major shocks in global energy markets, raising concerns about potential supply disruptions and significant fluctuations in fuel prices.

In response, the Vietnamese Government has taken proactive measures to safeguard national energy security. The Prime Minister has established a special task force to ensure energy security amid the complex developments in the Middle East.

The MoIT has also formed a dedicated working group to closely monitor market developments and promptly propose appropriate policy responses.

The MoIT cited a report by the Vietnam National Industry – Energy Group (PVN), saying the country’s crude oil production currently stands at approximately 180,000 barrels per day, of which about 150,000 barrels per day are supplied to the Dung Quat Oil Refinery.

Dung Quat is currently operating at around 118% of its designed capacity and is expected to maintain this level at least until the end of April, ensuring fuel supply under existing contracts with major fuel distributors.

Meanwhile, the Nghi Son Refinery and Petrochemical Complex is also operating steadily, with sufficient feedstock secured for its production plans in the coming period.

The MoIT emphasised that the two major refineries - Dung Quat and Nghi Son - are maintaining normal operations and will continue supplying fuel to domestic distributors under signed contracts through the end of March.

In addition to domestic production, major fuel distributors are continuing to import refined petroleum products to supply the domestic market.

Although import and transportation costs have been rising due to global market volatility, the authorities stated that, together with mandatory commercial reserves held by businesses, fuel supply for the domestic market in March remains secure.

However, officials noted that if the conflict in the Middle East persists into April, the global energy market could face additional challenges. Relevant ministries and agencies are therefore working to address potential bottlenecks and facilitate fuel production and imports to ensure adequate supply in the coming months.

Amid uncertainties in the global energy market, the MoIT has urged residents to stay calm and avoid unnecessary fuel stockpiling. It also encourages the public to practice energy conservation, prioritise public transportation, and consider using electric vehicles or biofuels to reduce dependence on conventional petrol.

For fuel businesses, the MoIT stressed that ensuring stable supply to the market is a key responsibility. Companies are expected to maintain ethical business practices, avoid hoarding or limiting sales in anticipation of price increases, and proactively ensure stable distribution across the supply system.

Vietnam task force set up to safeguard energy security amid Middle East tensions

VOV.VN - Prime Minister Pham Minh Chinh has decided to establish a task force to ensure national energy security in response to the increasingly complex military conflict in the Middle East.