Energy Bangla

Iraq has to up its crude output because dwindling oil prices and the fight against Islamic State have left “a huge hole” in the economy, Foreign Minister Ibrahim al-Jaafari said Tuesday, as the OPEC cartel scrambles to agree a production cut deal. “As oil makes up for more than 90 percent of Iraq’s budget, a huge hole was knocked in the budget by the fall in prices right at the... »

Bangladesh Petroleum Corp (BPC) issued an international tender on Monday to sell 170,000 barrels of naphtha for Dec. 22-24 loading from Chittagong, according to the tender document. The tender will close on Dec. 6 with validity up to Dec. 13. This month, state-owned BPC sold a cargo of the same size to Swiss Singapore Overseas at a discount of 89 cents to Singapore quotes. Bangladesh’s sole Eastern Refinery, which has... »

State Minister for Power and Energy Nasrul Hamid said, the government wants to see the “direct benefit” of fuel price cut in the transport sector. A direct benefit of drop in fuel price will be reduction in transport fares, but it is not happening. This time we want to see this happen, he told the media on Sunday, referring to earlier price adjustments. Finance Minister AMA Muhith has recently said... »

A decision in principle to reduce fuel oil prices in order to strengthen the country’s economy will be finalised soon, Finance Minister AMA Muhith has indicated. “The issue of cutting down on oil prices was discussed at a coordination council meeting. Now we will prepare the papers and send those to the energy ministry,” Muhith said on Thursday. “The matter will be finalised after discussions with the prime minister when... »

A technical meeting that was supposed to iron out some wrinkles for a deal to cut oil production ended in acrimony over the weekend, and OPEC’s effort at coordination could be at yet another impasse. Following the Algiers agreement at the end of September, a tentative deal that called for a collective reduction in oil output in the range of 200,000 to 700,000 barrels per day, OPEC scheduled a meeting... »

Oil prices edged higher from one-month lows in early trading in Asia on Tuesday after OPEC agreed on a long-term strategy that was seen as an indication the cartel was reaching a consensus on managing production. But the gains were limited as the market was weighed down by further indications of record output from the group, a sign the glut that has kept a lid on prices is not draining... »

The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output. Energy prices, which include oil, natural gas and coal, are projected to jump almost 25 percent overall next year, a larger increase than anticipated in July. The revised... »

ISTANBUL: OPEC said Wednesday it was inviting Russia and other key non-members to a meeting later this month as the oil cartel and Moscow seek to tighten cooperation to boost historically low crude prices. The announcement came after a meeting in Istanbul between several top OPEC energy ministers with their Russian counterpart Alexander Novak aimed at advancing joint efforts to bolster oil prices whose lows have hurt the highly-dependent economies... »

Not a day passes without OPEC making oil and gas headlines, and today is surely no exception. Seemingly in lockstep with OPEC, the market is once again pacified on the promise that changes to the global oil supply glut are a’ comin’. Yesterday, the Wall Street Journal quoted anonymous sources close to the matter who had it on good authority that the Saudi’s were willing to cut “up to” 400,000... »

Energy shares led a rally in Asian stock markets Tuesday after Russia said it would join OPEC in limiting oil output, but Samsung tumbled after it called an unprecedented halt to sales of its troubled Galaxy Note 7 handset. Oil soared Monday after President Vladimir Putin said Moscow was ready to align with OPEC’s push to limit production and address a supply glut that has battered prices for two years.... »