Energy Bangla

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Dhaka Sunday,  Jul 23, 2017

Petroleum

oil pic 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... »
sudan-oil-tanker-337x205 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... »
sangsad-bhaban 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-energybangla 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... »
oil-energybangla 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.... »
Muhith-US-energy bangla 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... »
643xNx0db0afe6c2300ae3d6e9816f72b02ab3-329_38_20170416_IMG_20170416_144225.jpg.pagespeed.ic.AUC21zdNh6 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... »
india-fuel-337x205 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-fuel-337x205 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... »
opec 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... »