Energy Bangla

Energy electricity and environment news portal

Dhaka Tuesday,  Jan 22, 2019

Petroleum

The government has decided to reduce the price of furnace oil but the figure will be announced in a week, State Minister for Power, Energy and Mineral Resources Nasrul Hamid has said. “We’ve decided to cut the price of furnace oil used in power plants and factories. The amount of the cut will be announced within a week after evaluation,” Hamid said on Monday, speaking to bdnews24.com. Asked whether the... »
Oil prices have climbed by about 50 percent from their February lows, topping $40 per barrel. But the rally could be reaching its limits, at least temporarily, as persistent oversupply and the prospect of new shale production caps any potential price increase. U.S. oil production has steadily lost ground over the past two quarters, with production falling more than a half million barrels per day since hitting a peak at... »
Oil prices were barely changed Tuesday with markets showing little impact from the bombing attacks in Brussels that killed around 35 people. US benchmark West Texas Intermediate (WTI) for delivery in May was down seven cents at $41.45 a barrel. Brent North Sea crude for May delivery added 25 cents to $41.79 a barrel. Analysts said the tendency of such attacks to dampen economic activity could put some downward pressure... »
State-run Bangladesh Petroleum Corporation (BPC) on Saturday received a goodwill consignment of 2,281 tonnes of high speed diesel (gasoil) loaded in 42 rail wagons from India’s Numaligarh refinery owned by Bharat Petroleum Corporation Ltd (BPCL). The goodwill consignment of diesel of BS III Grade with 350 ppm sulphur content is an outcome of the discussion between the two governments for fuel trade. The arrival of the consignment is a trial... »
The train carrying the first consignment of Indian gasoil to Bangladesh as a “goodwill gesture” has been flagged off. India’s Petroleum and Natural Gas Minister (Independent Charge) Dharmendra Pradhan flagged off the train carrying 2200 tonnes of gasoil from Siligurhi on Thursday, the Indian High Commission says. Bangladesh’s State Minister for Power, Energy and Mineral Resources Nasrul Hamid and Indian High Commissioner Harsh Vardhan Shringla will receive the consignment at... »
Oil prices extended their gains in Asia  Thursday after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline. Qatar’s energy minister, Mohammed al-Sada, confirmed that exporters from within and outside the OPEC cartel will meet April 17 in Doha, stoking hopes of an agreement to ease a global supply glut. The initiative is backed by 15 countries accounting for about 73 percent... »
Oil prices have shown signs of life over the past few weeks, as production declines in the U.S. raise expectations that the market is starting to adjust. As a result, Brent crude recently surpassed $40 per barrel for the first time in months. A growling list of companies are capitulating, announcing production cuts for 2016. Continental Resources, for example, could see output fall by 10 percent. A range of other... »
Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil... »
Oil prices rebounded Friday after the International Energy Agency said that after the market’s long rout, there were signs prices may have “bottomed out”. US benchmark West Texas Intermediate (WTI) for delivery in April rose 66 cents to $38.50 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for May delivery, the European benchmark,rose to $40.39 a barrel, up 34 cents from Thursday’s settlement. “The... »
Bangladesh and India have signed a memorandum of understanding to construct a pipeline for supply of high speed diesel, it was announced on Thursday. “Numaligarh Refinery Limited (NRL) and Bangladesh Petroleum Corporation (BPC) are working on details for the envisaged project of supply of high speed diesel (HSD) from Numaligarh (in Assam) to Parbatipur in Bangladesh for a period of 20 years under a JV project between NRL and BPC,”... »