Energy Bangla

Energy electricity and environment news portal

Dhaka Saturday,  Feb 16, 2019


The ongoing speculation online about the future of cooperation between Russia and OPEC seems to be a little one-sided. The main point of discussion up until now has been the fact that, due to international pressure (such as Trump’s Twitter diplomacy, perceived Russian willingness to open up the taps and pressure from Asian consumers) Saudi Arabia will be willing to revoke its current production cut stance. Current volatility in the... »
Canada’s oil industry faces “significant challenges” in reducing greenhouse gas emissions, which account for 26 percent of local emissions, but cuts are “essential” for meeting climate agreement targets, the Senate said late Friday. The conclusion of the Senate report echoed others published by it and the auditor general, which have been critical of Canada’s efforts to meet its Paris climate agreement target of slashing carbon dioxide emissions by 30 percent... »
Oil prices slid on Monday amid relief that US-led strikes on Syria did not provoke an escalation in the conflict, easing investor fears about the security of crude oil supply. Russia holding back on any military riposte helped lift Wall Street, as did strong retail sales and optimism over earnings, but European equities were under pressure as the region’s key currencies strengthened against the dollar, AFP reports. “The limited and... »
China launched yuan-denominated oil futures contracts on Monday, marking the first time foreign investors will have access to Chinese commodity futures as the world’s top crude importer seeks greater influence over global prices. But analysts said the long-delayed Shanghai-traded futures are unlikely to challenge the primacy of New York and London-based futures any time soon due to Chinese capital controls and the entrenched position of the dollar- denominated contracts. Futures... »
The global oil price hike has spiked Bangladesh’s remittance inflow despite concerns that it may hit the economy. In 28 days of February, the country received around $1.15 billion sent by expatriate Bangladeshis, a 22.14 percent year-on-year growth, according to data released by the Bangladesh Bank on Thursday. In the first eight months of the current fiscal year (July-February), the non-resident Bangladeshis or NRBs remitted around $9.5 billion with a... »
The three-and-a-half-year-long record high oil price in the international market and the increasing dollar price are causing a huge loss to the government. The two factors are also putting foreign reserves under pressure, as the government has to foot higher import bills. Sources in the Bangladesh Petroleum Corporation (BPC) said that they earned good profits from fuel sales for several years. But non-adjustment of oil prices with that in the... »
Oil rose further above $68 a barrel briefly on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018, a second year of restraint, to reduce a price-denting glut of oil held in inventories. Brent crude, the international benchmark,... »
A total of 15 lac and 56 thousand metric tons of diesel will be needed for the irrigation season that would last from November this year to May of 2018. Bangladesh Petroleum Corporation (BPC) has been directed to ensure this huge amount of fuel oil supply. Besides, a monitoring team of BPC will work to prevent anybody from collecting excess oil for irrigation. The directives and declarations came out at... »
“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... »