Energy Bangla

Energy electricity and environment news portal

Dhaka Monday,  Apr 22, 2019

Petroleum

Low oil prices today may be setting the world up for an oil shortage as early as 2016. Today we have just 2% more crude oil supply than demand and the price of gasoline is under $2.00/gallon in Texas. If oil supply falls too far, we could see gasoline prices doubling within 18 months. For a commodity as critical to our standard of living as oil is, it only takes... »
As we ring in the New Year, let’s take stock of where we are at with the oil markets. 2014 proved to be a momentous one for the oil markets, having seen prices cut in half in just six months. The big question is what oil prices will do in 2015. Oil prices are unsustainably low right now – many high-cost oil producers and oil-producing regions are currently operating in... »
Global oil prices are tanking, but OPEC is holding firm on not slashing production to buoy prices Saudi Arabia will not cut oil production to boost depressed prices, a reversal in the kingdom’s usual policy of moderating supply to control prices and sending a strong message about the Organization of the Petroleum Exporting Countries’ (OPEC) strategy for dealing with a slumped oil market. Saudi Minister of Petroleum and Mineral Resources... »
The sharp drop in the price of crude oil since late June has been grabbing headlines worldwide – and producing a lot of contradictory explanations. Some attribute the fall largely to declining global growth expectations. Others focus on the expansion of America’s oil and gas production. Still others suspect a tacit agreement between Saudi Arabia and the United States aimed at, among other things, weakening political rivals like Russia and... »
Finance Minister AMA Muhith on 20th december said there was no possibility of slashing the prices of fuel oil in Bangladesh despite their steep fall in the international market. The oil price is never set in Bangladesh in keeping with the international market, he told journalists after inaugurating the newly repaired Presbyterian Church at Nayasarak in the capital. We always sell oil at a cheaper price. But it sees a... »
The shale revolution’s sweet spot is oilfield services, the lower-risk backbone of the American oil and gas boom that pays off regardless of a play’s economics.Behind the stardom of the explorers and producers who have put themselves on the revolutionary shale map and absorb most of the risk—are the service providers who make up a highly lucrative market segment.The US land-based rig count rose 3% over the last quarter, reaching... »
The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC’s latest forecast. And that’s just one of several sour estimates. OPEC’s monthly report said demand for the cartel’s oil will fall to 28.9 million barrels per day next year, 280,000 barrels lower than its previous forecast and the lowest in... »
The growth outlook for developing Asia remains steady, even though momentum slowed in the second half of 2014, but the declining oil prices represent a golden opportunity for many beneficial reforms, the Asian Development Bank (ADB) says in a new report. In a supplement to its Asian Development Outlook 2014 Update, ADB forecasts gross domestic product (GDP) growth for the region of 6.1% in 2014, down from 6.2% expected in... »
New oil projects are being scrapped in Norway amid falling production and low oil prices. Long held up as the model for managing oil abundance, Norway has painstakingly sought to prevent the problems that occur with other natural resource-based economies, such as corruption, slow economic growth, currency appreciation, and subsequently, deindustrialization. Since 1990, Norway has diverted much of its oil earnings to a sovereign wealth fund, which has become the... »
India will export petroleum products to Bangladesh through its (India’s) first cross-country pipeline, an Indian daily reported yesterday. Daily Business Standard said Assam-based Numaligarh Refineries Limited (NRL), a subsidiary of Bharat Petroleum Corporation Limited (BPCL), will shortly begin work on laying a product pipeline from Shiliguri in West Bengal to Parbatipur in Bangladesh, reports BSS. “The pipeline would allow BPCL to penetrate the Bangladeshi market and ensure sustained supply of... »