Energy Bangla

Oil prices fell on Thursday, weighed down by oversupply, but losses were limited by expectations that major exporters would agree to extend production cuts to try to rebalance the market. Benchmark Brent crude was down 30 cents at $51.52 a barrel by 0800 GMT, almost 9 per cent below this month’s peak. US light crude was down 35 cents at $49.27. Traders reported ample supplies in all key markets despite... »

Kuwait’s appeals court ruled Sunday that a government decision to raise petrol prices was in line with the constitution, overturning a decision by a lower court. It said the decision to raise prices was within the cabinet’s powers. Ali al-Ali, one of several lawyers who filed the suit against the government, said on Twitter the group intends to challenge the latest ruling in Kuwait’s supreme court, whose decisions are final.... »

The government’s plan to cut oil prices in Bangladesh to boost economic growth is awaiting final approval from Prime Minister Sheikh Hasina, Finance Minister AMA Muhith has said. “The prime minister’s response is expected shortly.” Muhith is currently in Washington to attend the spring meetings of the International Monetary Fund (IMF) and the World Bank. His comments came during a media briefing following his meeting with IMF Deputy Managing Director... »

The Center for Policy Dialogue (CPD) has recommended curtailing of diesel and kerosene prices. The non-government research body, at a media briefing on Sunday, argued that these two fuel items – diesel and kerosene – are used mostly by the poorer segment of the society. “So, it will not bring about so much social and economic benefits if the government makes much profit out of these two fuels,” said the... »

Bangladesh has imported 2200 metric tonnes of diesel from India. A number of 42 waggons carrying that amount of diesel entered into the country’s territory using the Biral border situated at Dinajpur district. Prime Minister Sheikh Hasina, now in Delhi on a four-day crucial visit, and her Indian counterpart Narendra Modi jointly inaugurated the diesel import on Saturday through a video conference. The train did set off from Radhikapur of... »

India will formally commence the commercial supply of High Speed Diesel (HSD) to Bangladesh from Saturday, said Minister of State for Petroleum and Natural Gas Dharmendra Pradhan. Interacting with Indian and Bangladeshi media on the sidelines of an event at a hotel here, Pradhan said that an inaugural consignment of 2200 metric tones of HSD would be sent to Bangladesh. India plans to build a pipeline to carry HSD to... »

It’s been six months now that oil prices have been reacting to OPEC, first to the possibility of an agreement, and then to the production cut deal itself, forged by OPEC to rebalance the market. The deal–initially aired as ‘an agreement to agree on a deal’ in September and signed at the end of November—will likely impact the market for at least the next six months. The agreement clearly states... »

Saudi Arabia is increasingly unable to control the global oil supply because of rising energy production in the U.S., Russia and Iran. “Saudi Arabia is under extraordinary pressure both internally and externally,” Dr. Jean-Marc Rickli, a risk analyst at the Geneva Centre for Security Policy, told The Wall Street Journal. The world’s biggest crude exporter is conceding ground to its rivals to enact a steep oil production cut to prop... »

Oil prices plunged 5 percent to their lowest levels this year on Wednesday as U.S. crude inventories surged much more than expected to a record high, stoking concerns a global glut could persist even as OPEC tries to prop up prices with output curbs. Crude stockpiles in the world’s top energy consumer have been rising all year, and soared last week by 8.2 million barrels, more than quadruple the forecasts,... »

Lub-rref (Bangladesh) Limited, Chittagong, announces the signing of a contract with Chemical Engineering Partners (CEP), California, USA to build a Lube Base Oil Refinery in Chittagong. This facility will be the first of its kind in Bangladesh; it will treat used lube oil and refinery by-products combining two purposes in a single plant. “We are pleased to increase our global clients by bringing the CEP Process to this Southeast Asian... »