Energy Bangla

The oil majors reported poor earnings for the fourth quarter of last year, but many oil executives struck an optimistic tone about the road ahead. Oil prices have stabilized and the cost cutting measures implemented over the past three years should allow companies to turn a profit even though crude trades for about half of what it did back in 2014. The collapse of oil prices forced the majors to... »

State Minister of Power, Energy and Mineral Resources Nasrul Hamid said, we asked the government for permission to reduce prices, but the global price of oil started rising suddenly. According to the World Bank’s calculations, the price of oil may rise further. As a result we cannot bring down the price of oil now. Asked how much the Bangladesh Petroleum Organisation earns through the sale of diesel and furnace oil,... »

Eastern Refinery Limited (ERL) is going to enhance its capacity by setting up another Refinery unit. The state-run Bangladesh Petroleum Corporation (BPC) has taken initiatives to conduct the ‘installation of ERL Unit-2’ project. BPC signed a deal on Wednesday with a French company called Technip to install this second unit at ERL. According to the deal, Technip, which installed the first unit of ERL will be responsible for a Front... »

The government has no plan or option to bring down the price of oil for now as the global price of oil is in up trend, said the state minister for Power, Energy and Mineral Resources Nasrul Hamid. He said so to the reporters, after a deal signing ceremony between Bangladesh Petroleum Corporation and French company Technip that took place in the city on Wednesday. He also said that, earlier... »

Oil prices settled slightly lower on Friday, the year’s last trading day, but attained their biggest annual gain since 2009, after OPEC and partners agreed to cut output to reduce a supply overhang that has depressed prices for two years. A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc (BHI.N), added... »

The world’s natural reserve on fossil fuel is depleting and on the other hand, the increasing amount of greenhouse gas that exhausted from the fossil fuels has created a world-wide energy crisis. The world must find a sustainable solution to get rid of the situation. More and more research on renewable technology is needed and at the same time, skilled manpower with an optimum use of energy resources may help... »

The government is likely to cut fuel prices in January to rationalise the value of the petroleum products in line with the prices in the international market, says Finance Minister AMA Muhith. However, the prices might not go down by a large margin, he added. Wednesday at the Finance Ministry he told journalists, The rate of reduction will not be much as the oil price in international market is fluctuating.... »

Foreign Remittance is one of the major sources of this country’s income.But, Continuous fall of the oil price in the global market affected the remittance inflow. Sources from Bangladesh Bank stated that, remittance reception dropped by $1.3 billion in the last 11 months this year comparing to the same time frame last year. Central Bank provided data suggests that, remittance has been on the slide every month since December last... »

Indian consumers will soon have to pay more for fuel as global crude oil prices have shot up 15% in the last two weeks as OPEC and other major producers such as Russia have agreed to cut supplies for the first time since 2001. Analysts said state oil marketing companies may need to raise petrol and diesel prices by up to Rs 6 per litre when they review global fuel... »

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC Russia to play ball,... »