Energy Bangla

India’s crude oil imports from Russia surged a whopping 620% or, over 7 times to $3.2 billion in the April-May 2022 period, according to the data released by the commerce ministry. The coal imports also surged 266% to $425 million for the same period. Overall, India sourced nearly 10% of its oil imports from Russia. It imported crude and petroleum oils worth $30.9 billion during the period, out of which... »

State Minister for Power, Energy and Mineral Resources Nasrul Hamid says Bangladesh may have to ‘adjust’ fuel prices to better reflect the turmoil in the international market as the Ukraine war continues to drive up costs. “The price of fuel in the global market has been climbing for the last six or seven months. The oil we used to buy for around $70-71 a barrel now costs $171 and it’s... »

The energy ministry was working on developing a suitable pricing formula for adjusting oil prices to a ‘tolerable’ level that would not affect the consumers and transport sector much, state minister Nasrul Hamid said on Tuesday. “We want the oil price not to be a burden for the consumers and the transport sector,” he said at a workshop at Bidyut Bhaban in the city. He said that the way the... »

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... »