Energy Bangla

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.... »

The government may reduce the cost of fuel in the next month. The government’s announcement comes five months after it made fuel cheaper in the wake of a call by businesses for a blanket cut. The prices of diesel and kerosene were brought down by Tk 3 a litre, and octane and petrol by Tk 10 in the month of April this year. The power, energy and mineral resources minister on... »

Saudi Arabia and Iran may yet come to terms on some sort of production arrangement, but the outcome of the negotiations in Algeria this week may not do much to rescue oil prices. Following the media spectacle, the oil markets may have to shift their attention back to the supply and demand fundamentals, which are not reassuring. Goldman Sachs revised down its estimate for oil prices for the end of... »

Oil prices edged up on Thursday after two consecutive days of losses, with gains capped by returning supplies from Nigeria and Libya. Brent crude futures LCOc1 were trading at $46.23 per barrel at 1012 GMT, up 38 cents, from the last settlement. U.S. West Texas Intermediate (WTI) futures CLc1 were up 25 cents, or 0.6 percent, at $43.83 a barrel. Crude prices fell about 3 percent for a second straight... »

Oilfield services, shipbuilders and other industries that rose with the pre-2014 oil price boom have had it hard. Since barrel rates fell, their previous patrons have become uninterested in doling out major purchase orders, leaving oil and gas equipment manufacturers without revenues. A recent report by Arkansas Online says the energy industry’s support sector could feel the effects of low oil prices for up to two years after the current... »

Oil prices edged up slightly Thursday after being hammered the day before by data showing a sharp rise in US stockpiles, while analysts warned a pick-up in the dollar would add further downward pressure. Both main contracts plunged Wednesday after the US Energy Department said commercial inventories in the world’s top oil consumer edged up last week and were now 16 percent higher than the same period last year. The... »

Bangladesh has given India route permit to carry petroleum products such as motor spirit, high speed diesel, superior kerosene and liquefied petroleum gas from Assam to Tripura through its territory. Indian Oil Corporation Limited (IOCL) signed a MoU with Bangladesh’s Roads and Highways Department on Thursday. The High Commission of India said heavy monsoon and the resultant extremely bad road condition of NH44 have caused disruptions in the supply of... »