Energy Bangla

Oil fell on Tuesday, giving up earlier gains, as concerns about the viability of the U.S. debt ceiling pact cooled the market’s risk-on sentiment and mixed messages from major producers clouded the supply outlook ahead of their meeting this weekend. Brent crude futures fell 59 cents, or 0.8%, to $76.48 a barrel by 0615 GMT after rising by 0.5% earlier on Tuesday. U.S. West Texas Intermediate (WTI) crude dipped 42... »

State Minister for Power, Energy and Mineral Resources Nasrul Hamid said on Monday that measures are being taken to remove the discrepancies in the import duties of primary fuels. “We’ve already approached the National Board of Revenue (NBR) to remove the discriminations among the duty structures of the primary fuel imports” he told a seminar titled: “FERB Dialogue: Budget FY 2023-24, Challenges and Expectations”. Forum for Energy Reporters Bangladesh (FERB)... »

Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. Brent crude fell by $1.96, or 2.4%, to settle at $80.77 a barrel. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. On Monday, both contracts rose by more than 1%. U.S. consumer confidence... »

Saudi Arabia and other OPEC+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability. The group had been largely expected to stick to its already agreed 2 million bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday. Last October, OPEC+, which comprises... »

Prime Minister Sheikh Hasina and her Indian counterpart Narenda Modi today inaugurated the first ever cross-border energy pipeline between Bangladesh and India. They opened the “India-Bangladesh Friendship Pipeline” by pressing a button via video-conference as Sheikh Hasina joined the function from her official Ganabhaban residence here while Narendra Modi from India. The 130-kilometre first ever cross border energy pipeline between India and Bangladesh was built at an estimated cost of... »

Prime Minister Sheikh Hasina and her Indian counterpart Prime Minister Narendra Modi will formally inaugurate the newly built ‘Indo-Bangla Friendship Pipeline’ on Saturday through a video conferencing. The two neighbouring nations built the 131.57-km cross-border pipeline as part of energy sector cooperation through which Bangladesh will import petroleum, especially diesel from India. Of the pipeline, some 126.57-km lies in Bangladesh while the remaining 5-km was installed in India. “All the... »

Saudi oil giant Aramco has announced a record profit of $161.1bn (£134bn) for 2022, helped by soaring energy prices and bigger volumes. It represents a 46.5% rise for the state-owned company, compared with last year. It is the latest energy firm to report record profits, after energy prices spiked following Russia’s full-scale invasion of Ukraine in February 2022. America’s Exxon Mobil made $55.7bn, and Britain’s Shell reported $39.9bn. Aramco also... »

The India-Bangladesh Friendship Pipeline under construction at Parbatipur in Dinajpur will ensure power and energy security in the northern region, said State Minister for Power, Energy and Mineral Resources Nasrul Hamid on Friday. After visiting the project area on Friday afternoon, he gave reporters details about the benefits of the pipeline. The Fellowship Receipt Terminal will be the first modern automatic and computerised system in the country. If something is... »

Import of diesel from India through the maiden intra-country oil pipeline is all set to start on March 17, a national holiday in Bangladesh on its independence leader’s birthday. Indian Prime Minister Narendra Modi and Bangladeshi premier Sheikh Hasina are expected to inaugurate operation of the India-Bangladesh Friendship Pipeline jointly through videoconferencing, a senior official of Bangladesh Petroleum Corporation (BPC) told on Sunday. The inaugural-day operation of the pipeline coincides... »

Bangladesh will start importing diesel from India through a pipeline on a trial basis in June, Nasrul Hamid has said. The state minister for power, energy and mineral resources revealed the information in parliament on Monday. The work to set up the 131.5-kilometre pipeline, including five kilometres in India, has ended, according to him. Now the pre-commissioning work of the India-Bangladesh Friendship Pipeline is ongoing, he said. “The commissioning of... »