Measure to cope with deep falling oil prices

According to the representative of Petro Vietnam (PVN), in this February, the Group will deploy various measures to have plans and scenarios to deal with oil prices falls below $30/tank. According to Petro Vietnam, the total output of oil equivalent in January reached 2.56 million tons, equal to 109.7 % of the month plan. In particular, production of oil extraction was 1.57 million tons, with 107 % of the month plan and gas output reached  0.99 billion cubic meters, equal to 113.4 % of the month plan.

Related to this issue, Deputy Minister of Ministry of Industry and Trade, Mr. Tran Tuan Anh said that the trend of oil prices in 2016 will still complicate. Therefore, in formulating scenarios for oil prices this year, the PVN Group needs the initiative to update regularly oil price movements in the world and regularly report to the Government, as well as the Ministry of  Industry and Trade to gradually overcome difficulties and complete the plan assigned.

Thereby, he emphasized, the key task ahead is the unit of the Ministry must to actively implement and regulate to ensure the supply of essential goods for human life. Focus on solving the difficulties to better control the export and import activities. Besides, to focus the solutions to search new markets, potential markets for sustainable exports.

The relevant units should have solutions to cope with extreme movements of weather to regulate the production and business activities accordingly. Ask the units continue to do better developed domestic markets, strengthen market management, anti-counterfeiting, counterfeit goods of inferior quality. Attention to administrative reform in order to improve competitiveness for business production.

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