Energy Bangla

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Dhaka Friday,  Mar 29, 2024

Petroleum

With global oil prices, the difference is not more than tk 10. Abul Mal Abdul Muhit informs this to international monitoring fund (IMF). A letter has been sent to managing director of IMF Mr. Kristin Legard. An economic report was sent with the latter. In the report there is detail of governments work plan. The report was sent to get the loan. Still oil price is $40 per Barrel in... »
Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn. The result is a heavier discount for Russia’s crude oil, the so-called Urals blend. Bloomberg reported that the Urals... »
Oil prices remained under pressure in Asia. Friday after a huge jump in US crude inventories reinforced projections that a supply glut will persist well into next year. US benchmark West Texas Intermediate (WTI) for delivery in December was down 24 cents to $41.51 and Brent crude for December was trading four cents higher at $44.10 a barrel at around 0330 GMT. Prices were hammered Thursday after the US Department... »
The installation of the second unit of the Eastern Refinery Limited (ERL) will help reduce country’s dependency on natural gas as the country would be able to refine 45 lakh tones of petroleum annually. Implementation of the project would be good for the country. Finance Minister AMA Muhith said this at a ceremony on signing a Memorandum of Understanding (MoU) between the Bangladesh Petroleum Corporation (BPC) and French firm Technip... »
Oil prices edged up Tuesday after retreating the previous day but gains were tempered by long-running worries about a supply glut and a weak global economic outlook. The black gold retreated Monday after a weekend report from China, the world’s second biggest economy and number-one energy use, showed exports and imports — particularly of crude –tumbled last month. And on Tuesday fresh figures showed inflation in the country slowed further... »
The ‘Bangladesh Petroleum Corporation Bill, 2015’ was placed in the Jatiya Sangsad Sunday. State Minister for Power, Energy and Mineral Resources Nasrul Hamid placed the bill seeking annulment of the Bangladesh Petroleum Corporation Ordinance, 1976 and reformulation of the same. Earlier, the cabinet endorsed the draft BPC law on March 2 this year. The bill is aimed at giving legal coverage to activities adopted under this ordinance and defending continuation of... »
The first-ever supplies of oil from China have arrived in fuel-starved Nepal, potentially ending the Himalayan country’s decadeslong dependency for its energy needs on India. The agreement to import oil from China was signed after energy supplies from India were disrupted amid a deep strain in their ties over Nepal’s new constitution. The tankers from China brought about one-third of the 1.3 million liters of fuel, which is now being... »
Bangladesh Marine Fisheries Association (BMFA), the apex trade body of marine fisheries sector, has sought government approval to allow it import 30,000 tonnes of diesel annually under its own arrangement. The association, that contributes Tk 150 crore annually to the country’s exports, is willing to avail of the opportunity to import diesel as like as the sponsors of local power plants to make their business vibrant and cost effective. The... »
Oil prices fell in Asia Monday on data showing that the key manufacturing sector in China, the world’s top energy consumer, shrank in October for the third straight month. The retreat snapped three days of straight gains last week following a decline in US crude production which boosted hopes it could help ease a global oversupply that has depressed oil prices for more than a year. Data from the US... »
We are a little more than a month away from OPEC’s next meeting, which will be held in Vienna on December 4, 2015. OPEC altered the course of the oil markets last year when it decided to cast aside its traditional role of maintaining balance through production cuts. Instead it pursued a strategy of fighting for market share, contributing to an immediate rout in oil prices. WTI and Brent then... »