Dhaka Monday, Jan 24, 2022
- OPEC+ compliance rises to 122% in December, sources say
- EU in touch with partners to boost gas supplies, energy commissioner says
- Price for Power Fertilizer & Industries Should be Rationally Adjusted
- More subsidies to stall country’s development wheel: PM
- Click here to find Corona Virus Update
- The Current Oil Price Rally Is Reaching Its Limits
Petroleum
“We will not let go of our current approach until we reach a balanced market,” Saudi oil minister Khalid al-Falih said Monday at a news conference in Riyadh. OPEC ended months of speculation last week when it decided to extend its production cuts through the end of 2018, easing concerns that the limits would be lifted before the oil market was ready. But while it put some uncertainty to rest,... » 
A framework agreement was signed between China and Bangladesh on Sunday under which China will provide $ 550.40 million to Bangladesh to implement ‘Installation of Single Point Mooring (SPM) with Double Pipe Line’ project in a bid to ensure energy security of the country. Of the total amount of $ 550.40 million, China will provide around $82.56 million under the Chinese government’s concessional loan while the rest of $ 467.84... » 
The government has decided to purchase a total of five million tons diesel from India for 15 years at the cost of Tk188.84 crore. This proposal by the Ministry of Energy and Mineral Resources was approved during the Cabinet Committee meeting on Public Purchase on Wednesday, chaired by Commerce Minister Tofail Ahmed. The diesel will be sent from India’s Siliguri Marketing Terminal of Numaligarh Refinery Limited in Parbatipur Depot through... »
The government has finalized the plan of importing diesel from India through pipeline. Using this pipeline Bangladesh will be importing diesel for next 15 years and the final deal regarding this import is expected to be signed within short time. Department of Energy and Mineral Resources and Bangladesh Petroleum Corporation (BPC) sources has informed that, Bangladesh is likely to import 2.5 lac metric tons to 4 lac metric tons of... » 
Oil prices have cratered in recent weeks, dipping to their lowest levels in more than seven months and any sense of optimism has almost entirely disappeared. All signs point to a period of “lower for longer” for oil prices, a refrain that is all too familiar to those in the industry. WTI dipped below $44 per barrel on Tuesday, and the bearish indicators are starting to pile up. Libya’s production... » 
Pakistan Army soldiers stand guard while rescue workers examine the site of an oil tanker explosion at a highway near Bahawalpur, Pakistan, on June 25, 2017. Pakistan Army soldiers stand guard while rescue workers examine the site of an oil tanker explosion at a highway near Bahawalpur, Pakistan, on June 25, 2017. (AP Photo) Pakistan’s prime minister cut short a trip abroad to rush to the side of victims of... » 
State Minister for Power, Energy and Mineral Resources Nasrul Hamid Bipu has said the government has no plan to cut fuel prices, throwing cold water on Finance Minister AMA Muhith’s optimism. The state minister cleared the government stance on the issue in Parliament on Sunday. Following demands by several quarters after the drop in global crude oil prices to $33 per barrel in 2016, the government lowered the prices of... » 
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... »