Energy Bangla

Failing to cope with a volatile international energy market, the state-owned oil and petroleum company Bangladesh Petroleum Corporation (BPC) is back to receiving government subsidies after seven years. The government is going to start paying the subsidy money to BPC starting next month, according to a senior official of the finance ministry. This government bailout is likely to create pressure on the budget deficit for the fiscal 2022-23, the official... »

Foreign Minister Dr AK Abdul Momen on Monday said he sought advices from his Indian counterpart on how New Delhi is purchasing oil from Russia amid Ukraine crisis as Bangladesh is an energy dependent country, reports BSS. “Russia offered us energy and wheat. It has become a real problem (energy demand). We sought their (India) suggestions on how they are doing it,” he told reporters while speaking about his meeting... »

The Bangladesh Petroleum Corporation has been ensuring an uninterrupted supply of petroleum oil across the country through its subsidiary oil marketing companies, the EMRD said in a statement. There is no chance of a fuel crisis in Bangladesh as the country has enough petroleum in reserve, the Energy and Mineral Resource Division said Monday. The Bangladesh Petroleum Corporation has been ensuring an uninterrupted supply of petroleum oil across the country... »

One popular saying in the oil industry says that the only cure for high oil prices is high oil prices. With a war in Europe, tight global supply that’s about to get even tighter, lockdowns in China, and economic uncertainty rife, oil prices may have finally become too high to be sustainable. While prices rebounded somewhat on Tuesday, Brent crude earlier this week slipped below $100 for the first time... »

US President Joe Biden has ordered a major release of oil from America’s reserves in an effort to bring down high fuel costs. The release of up to 180m barrels of oil over six months is the largest since the reserve was created in 1974. Oil prices dropped on reports of the move, which is aimed at easing a supply crunch sparked by war in Ukraine. But the release –... »

Oil prices jumped on Monday to their highest levels since 2008 as the United States and European allies considered banning Russian oil imports while it looked less likely that Iranian crude would return switftly to global markets. Brent rose $5.1, or 4.3%, to settle at $123.21 a barrel, and U.S. West Texas Intermediate (WTI) rose $3.72, or 3.2%, to settle at $119.40 a barrel. During the session, both benchmarks hit... »

Oil prices have soared more than 10% and are closing in on their all-time high levels after the risk of a US and European ban on Russian crude threatened a stagflationary shock for world markets. The global benchmark of Brent crude hit US$139.13 a barrel at the start of trading on Monday, a leap of more than $20 on Friday’s close of $118.03. The all-time of $147.50 was reached in... »

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude rose $4.82, or 4.9 per cent, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade. The Brent contract for April delivery expires on Monday. The most active contract, for... »

The 31 Member Countries of the Governing Board of the International Energy Agency agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine. Today’s Extraordinary Governing Board meeting, held at the Ministerial level, was chaired by US Secretary of Energy Jennifer... »

London: Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out attack on Ukraine by land, air and sea in the biggest onslaught by one state against another in Europe since World War Two. The US and Europe have promised the toughest sanctions on Russia... »