Energy Bangla

While the international oil market saw its worst day on Monday as US crude oil price dropped below zero, Bangladesh began preparing to hoard 1.1 lakh tonnes of oil to take advantage of the situation. This extra oil is good enough for 10 days of consumption by the nation in a normal situation. Oil prices have been falling throughout April – which triggered many nations, including the US, China and... »

The price of a barrel of Brent Crude – the UK benchmark for oil – has slipped below $20, its lowest level since 2002. The more than 25% slump followed negative prices being recorded for a barrel of West Texas Intermediate (WTI), the benchmark for US oil. The declines are a testament to the sharp decline in energy demand due to coronavirus lockdowns across the world. Butthe negative oil prices... »

U.S. crude prices fell to their lowest level since 2002, briefly dropping below $20 a barrel, as investors grew more pessimistic about oil demand. West Texas Intermediate futures, the main U.S. crude gauge, were down 6.5% at $20.11 a barrel after hitting their lowest level since February 2002 on Monday. Brent crude, the global benchmark, fell 6.4% to $26.18 a barrel.

NEW DELHI: Oil prices will give up the recent surge if there is no major retaliatory action by Iran within weeks since the top Iranian general’s killing has raised regional tension and stoked fears of supply disruption but hasn’t changed the actual demand-supply situation, chairman of Hindustan Petroleum Corp has said. “The news has been factored in the price. Now it’s about the perception of the people, whether it will... »

Petrol station owners and workers have suspended an indefinite strike until Dec 15 after the government assured them of looking into their 15-point charter of demands. At a meeting with Bangladesh Petroleum Corporation in Dhaka on Monday, the Bangladesh Petrol Pump and Lorry Tank Malik-Sramik Oikya Parishad and Jalani Tel Paribeshak Samity decided to halt the strike. “We don’t want people to suffer. We’re convinced that our demands will be... »

The sale of fuel oil has stalled in Rajshahi, Rangpur and Khulna as petrol station owners enforce an indefinite strike to press home a 15-point charter of demands, including an increase in the commission on fuel sale and insurance for tank-lorry workers, among others. Bangladesh Petrol Pump and Lorry Tank Malik-Sramik Oikya Parishad and Jalani Tel Paribeshak Samity started the strike at 6am on Sunday, which is set to affect... »

Oil prices rose in early trading on Friday on hopes that the U.S.-China trade negotiations might result in a limited breakthrough. President Trump said that talks on Thursday went well, and the two sides resume negotiations on Friday. An attack on an Iranian tanker (more below) also bolstered oil prices. IEA cuts demand forecast. The IEA cut its demand forecast once again to just 1 mb/d in 2019 and 1.2... »

The OPEC oil cartel saw its crude production fall in September, mostly due to production falling in Saudi Arabia following attacks on its oil infrastructure, according to its monthly oil report released on Thursday. The Organization for the Petroleum Exporting Countries said its production fell to an average of 28.49 million barrels per day (mbd) in September, a drop of nearly 1.32 mbd, according to secondary sources. Production by Saudi Arabia, the cartel’s biggest producer... »

U.S. exports of crude oil rose to average 2.9 million barrels per day (b/d) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018. U.S. crude oil exports also set a record-high monthly average in June 2019 at 3.2 million b/d. The United States is still one of the world’s largest importers of crude oil: in the first half of 2019, U.S. imports... »

The government will import 1.4 million metric tonnes of refined petroleum for a six-month period (July-Dec) of the current year from seven state-owned companies of six countries through negotiations. The fuel-supplying companies are- PTLCL of Malaysia, PTTT of Thailand, BSP Zapin of Indonesia, Enoc of United Arab Emirates (UAE), KPC of Kuwait and two companies from China — Petrochina and Unipec. According to official sources, state-owned Bangladesh Petroleum Corporation (BPC)... »