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Dhaka Friday,  Mar 29, 2024

Petroleum

Saudi Arabia generates 90 per cent of its income from oil – a commodity which has recently plummeted in value Saudi Arabia’s cash reserves are in free-fall and the country could have only five years of financial assets remaining due in large part to the fall in oil prices, according to a report by the International Monetary Fund (IMF). In its World Economic and Financial Surveys, released every October, the... »
There was little movement on oil prices this week – a few down days and a few up days. WTI closed out the week trading in the mid-$40s, with Brent at $48 per barrel. Crude seemed to weather a huge bearish development – the EIA reported that oil storage levels surged for the week ending on October 16. Inventories jumped by 8 million barrels to 476 million barrels. That is... »
Oil prices edged up in Asia Thursday, lifted by bargain-hunting following a sharp decline the day before, although analysts said the market remains hobbled by an oversupply of the commodity. A report released Wednesday showing a bigger-than-expected increase in US crude stockpiles has stoked fresh worries about a global glut that has depressed oil prices for more than a year. US benchmark West Texas Intermediate for delivery in December rose... »
November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward path. Subsequently, to defend market share, the Saudis increased production, which exacerbated market oversupply and further pressured prices. While the sharp decline in crude prices has saved crude consuming nations hundreds of billions of dollars, the loss in revenues has caused crude... »
Oil prices advanced in Asia Friday, ending four days of straight losses on news that Russia was prepared to talk about output cuts in a meeting with OPEC crude producers next week. Oil prices had been tumbling since Monday on data showing that a global crude supply glut could persist well into next year. A report on Thursday showing US commercial crude stockpiles increased last week further hurt prices as... »
Oil prices bounced back in Asia Thursday as investors weighed a rise in US crude inventories and production against a forecast by OPEC’s chief of rising demand. US benchmark West Texas Intermediate for November delivery climbed 23 cents to $48.04 and Brent crude for November gained 21 cents to $51.54 in late-morning Asian trade. Prices tumbled Wednesday after a US Department of Energy report showed commercial crude stockpiles rose more... »
Government takes initiatives to change the existing fuel import policy. According to the decision, import of Furnace oil for power plants will be left to the private sectors. State minister of power energy and mineral resources Nasrul Hamid said, “if private sectors want, the approvals will be provided gradually to the rental and quick rental power plants of private sector. Beside this, in next year BPC will import 20-25 per... »
Oil prices retreated in Asia Wednesday as traders focus on a US crude stockpile report, a day after growing concerns over China’s economy sparked a massive sell-off in shares of commodity firms. As Asian stocks recovered from Tuesday’s rout, oil prices remain under pressure because demand growth continues to fall behind crude supply, analysts said. US benchmark West Texas Intermediate (WTI) for November delivery fell 28 cents to $44.95 and... »
Oil prices fell in Asia Monday as investors looked for further clues about the health of the Chinese and US economies, the world’s top crude consumers. US benchmark West Texas Intermediate for November delivery eased 48 cents to $45.22 and Brent crude for November dipped 50 cents to $48.10 in afternoon trade. Markets were rocked last week by news that a key gauge of manufacturing activity in China fell to... »
Oil prices retreated in Asia Wednesday after a key measure of manufacturing in China fell to its lowest level in more than six years, signalling weaker demand in the world’s top energy consumer. The prospects of weaker demand come as the oversupplied global oil market is already troubled by expectations Iranian crude will return within months if Tehran is found to have complied with a deal to curb its nuclear... »