Energy Bangla

Oil prices jumped on Monday as Western allies imposed more sanctions on Russia and blocked some Russian banks from a global payments system, which could cause severe disruption to its oil exports. Brent crude rose $4.82, or 4.9 per cent, to $102.75 by 1028 GMT after touching a high of $105.07 a barrel in early trade. The Brent contract for April delivery expires on Monday. The most active contract, for... »

The 31 Member Countries of the Governing Board of the International Energy Agency agreed to release 60 million barrels of oil from their emergency reserves to send a unified and strong message to global oil markets that there will be no shortfall in supplies as a result of Russia’s invasion of Ukraine. Today’s Extraordinary Governing Board meeting, held at the Ministerial level, was chaired by US Secretary of Energy Jennifer... »

London: Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia’s attack on Ukraine exacerbated concerns about disruptions to global energy supply. Russia launched an all-out attack on Ukraine by land, air and sea in the biggest onslaught by one state against another in Europe since World War Two. The US and Europe have promised the toughest sanctions on Russia... »

Oil prices have surged past $100 (£74) a barrel to hit their highest level for more than seven years after Russia launched an invasion of Ukraine. Global shares fell and the price of gold rose as investors worried about the possible impact of the conflict. Russia is the second biggest exporter of crude oil, and is also the world’s largest natural gas exporter. The price of oil topped $103 a... »

Higher net crude oil imports are set to make the United States a net petroleum importer this year again, as in 2021, after a historic shift of being a net petroleum exporter in 2020, the U.S. Energy Information Administration (EIA) said on Friday. A net petroleum importer is a country that imports more crude oil and refined products than the crude and products it exports. While the U.S. has been... »

The International Energy Agency on Friday raised its forecast for world oil demand in 2022 but warned of a ‘chronic’ failure by OPEC and its allies to meet their output targets. The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, had cut production sharply in 2020 as prices collapsed after the Covid pandemic emerged. The group, dubbed OPEC+, began to... »

Russian exports of diesel to the United States last month hit the highest in three years as typical winter weather drove higher demand for heating and power generation in the Northeast. Bloomberg reported that some 1.55 million barrels of diesel were currently traveling from Russia to the United States, due to arrive by the end of this month, data from Vortexa has shown. The increase in Russian diesel deliveries comes... »

The country’s first model filling station having modern facilities in Sylhet will be started as a test operation this week, which will help to change the concept of highway services, officials said. The construction work of five other model filling stations is going in full swing. The initiative comes at a time when the government is developing several high-speed corridors across Bangladesh, including the Dhaka-Khulna highway. Under the programme of... »

Saudi Aramco has raised prices for all crude grades it sells to Asia in March from February, in line with market expectations. The world’s top oil exporter increased its March price for its Arab Light crude grade for Asian customers by 60 cents a barrel versus February to a premium of $2.80 a barrel to the Oman/Dubai average, a pricing document showed on Saturday. The producer had been expected to... »

Petrol pump owners are set to call a strike to their several demands, including a hike in commission on the sales of fuel oil. Secretary General of Bangladesh Petrol Pump Owners told press conference on Wednesday, “We’ve long been demanding an increase in commission on sales of petroleum, but there’s no outcome. So, we’re compelled to announce the programme. He said that as per the pledges, the commission on sales... »