Energy Bangla

The price of oil has gone above $50 a barrel for the first time in 2016 as supply disruptions and increased global demand continue to fuel a recovery. The benchmark Brent crude price hit $50.07 a barrel in Asian trade. The rise followed US data on Thursday showing that oil inventories had fallen, largely due to supply disruptions following fires in Canada. Brent crude has now risen 80% since it... »

Oil prices pulled back from early losses Thursday to end barely changed, as the market focuses on continued supply disruptions in Nigeria and Canada and potential outages in turbulent Venezuela. Prices closed below Wednesday’s 2016 highs, with US benchmark WTI crude for June delivery off 11 cents at $48.67 a barrel, and London contract Brent North Sea for June off 12 cents to $48.81. The stronger dollar, boosted by rising... »

Kuwait has responded positively to cooperate in establishing an oil refinery in Bangladesh. In response to Prime Minister Sheikh Hasina’s request, Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah assured exploring opportunities in the field of gas and oil. According to a joint statement issued wednesday on conclusion of Sheikh Jaber’s three-day visit, the two sides agreed to expand cooperation in various fields of trade, investment, energy and power, defence,... »

Ship tracking data from Bloomberg shows that 83 supertankers carrying around 166 million barrels of oil are headed to China, which has stockpiled an impressive 787,000 barrels a day in the first quarter of 2016—the highest stockpiling rate since 2014. While the world was speculating about oil prices plunging to $20 and $10 per barrel, China was busy stockpiling its reserves. The chart below shows an increase in imports as... »

The government has finally reduced the costs of fuel oil across the board amid plummeting global oil prices.   The move comes 23 days after it made furnace oil cheaper in the wake of a call by businesses for a blanket cut. The prices of diesel and kerosene have been brought down by Tk 3 a litre, and octane and petrol by Tk 10. The power, energy and mineral resources... »

The state-run Eastern Refinery Limited (ERL) today signed a deal with Indian firm Engineers India Limited (EIL) to appoint consultant for implementation of the second unit of ERL. “We have planned a series of measures to augment energy production in the country through implementing the ERL unit-2 and setting up the LPG plant to gear up the energy supply,” state minister for power and energy Nasrul Hamid told Energy Bangla... »

Bangladeshi Transformer Oil is being exported to Nepal. This oil will be used in the electric transformers there. BNO (Bangladesh National Oil) Lubricants Ltd. is the only one of its kind company which is solely producing and exporting transformer oil to Nepal. This is for the second time, Bangladesh is exporting that type of oil to Nepal. BNO has its own manufactory situated in Chittagong from where the oil is being exported overland by containers.... »

The state minister for Power Energy and Mineral Resources, Nasrul Hamid warned petrol pump owners saying that their licenses would be cancelled if anyone stops selling fuel. Already a total number of 350 pumps have been identified as adulterated oil seller, he added it on Wednesday while talking with the journalists at his office in secretariat. The state minister said that the gazette notification will be issued within any day in-between 21st to 24th of... »

Artificial Fuel crisis is being seen in the Petrol Pumps throughout the country. Depot owners reduced unloading oils, after the government’s recent announcement on reducing oils prices. Hence, the crisis is diffused throughout the Petrol Pumps as well. As a result, consumers have not been able to get required amount of oils from the petrol pumps. According to the related sources, there has been no oil in almost 250 Petrol Pumps from Friday to Tuesday.... »

Oil prices extended losses in Asia Thursday following a rise in US commercial crude stockpiles, while traders turned cautious ahead of a crunch producers’ meeting. A warning by the Organization of the Petroleum Exporting Countries that the world remains oversupplied also dampened sentiment as key producer nations prepared to gather in Doha for Sunday’s talks on freezing output. At around 0250 GMT, US benchmark West Texas Intermediate for delivery in... »