Energy Bangla

The train carrying the first consignment of Indian gasoil to Bangladesh as a “goodwill gesture” has been flagged off. India’s Petroleum and Natural Gas Minister (Independent Charge) Dharmendra Pradhan flagged off the train carrying 2200 tonnes of gasoil from Siligurhi on Thursday, the Indian High Commission says. Bangladesh’s State Minister for Power, Energy and Mineral Resources Nasrul Hamid and Indian High Commissioner Harsh Vardhan Shringla will receive the consignment at... »

Oil prices extended their gains in Asia  Thursday after key producers agreed to meet next month to discuss limiting output and stabilise a long-running price decline. Qatar’s energy minister, Mohammed al-Sada, confirmed that exporters from within and outside the OPEC cartel will meet April 17 in Doha, stoking hopes of an agreement to ease a global supply glut. The initiative is backed by 15 countries accounting for about 73 percent... »

Oil prices have shown signs of life over the past few weeks, as production declines in the U.S. raise expectations that the market is starting to adjust. As a result, Brent crude recently surpassed $40 per barrel for the first time in months. A growling list of companies are capitulating, announcing production cuts for 2016. Continental Resources, for example, could see output fall by 10 percent. A range of other... »

Argentina offers one of the few places on earth where oil companies are not suffering from the full force of the collapse in prices. Argentina regulates oil prices, a policy originally intended to insulate the public from the whims of the market, protecting people from triple-digit crude prices. But with the crash in prices since mid-2014, the effect of the regulation has reversed: motorists are now effectively subsidizing the oil... »

Oil prices rebounded Friday after the International Energy Agency said that after the market’s long rout, there were signs prices may have “bottomed out”. US benchmark West Texas Intermediate (WTI) for delivery in April rose 66 cents to $38.50 a barrel on the New York Mercantile Exchange. In London, Brent North Sea crude for May delivery, the European benchmark,rose to $40.39 a barrel, up 34 cents from Thursday’s settlement. “The... »

Bangladesh and India have signed a memorandum of understanding to construct a pipeline for supply of high speed diesel, it was announced on Thursday. “Numaligarh Refinery Limited (NRL) and Bangladesh Petroleum Corporation (BPC) are working on details for the envisaged project of supply of high speed diesel (HSD) from Numaligarh (in Assam) to Parbatipur in Bangladesh for a period of 20 years under a JV project between NRL and BPC,”... »

Oil prices rallied to two-month high points Friday on hopes that producers will shortly strike a deal to tackle a global supply glut. Positive US jobs data handed a further boost to crude futures and commodity prices in general, which enjoyed a strong week overall as gold hit a 13-month peak at just under $1,280 ($1,164) an ounce. The pick-up in oil prices this week comes after crude recently wallowed... »

Private importers of furnace oil are allegedly flouting government directives and such freewheeling could result in loss of revenue and market manipulation. Official sources said the private-sector players in a partially-deregulated import were not caring to inform the authorities concerned about the imports. Currently, around a dozen private power-plant sponsors are importing furnace oil to the tune of 1.0 million tonnes a year independently from the international market to run... »

This is a financial cold war—nothing more, nothing less. While there are billions of reasons to cut output, and every major producing country is reeling from the loss of revenues, some are weathering the current bust better than others, but the devil is in the details, and the details contain tons of variables. Production cost and breakeven figures that analysts enjoy bandying can trap you in bubble of black-and-white mathematics... »

Oil prices dipped in Asia Tuesday after mounting a strong rally the day before as traders remain doubtful that talks on an output freeze among key crude producers will lead to an agreement. US crude rose back above $30 a barrel and European benchmark Brent climbed well over $34 on Monday on hopes that the discussions would lead to concrete action to stabilise the battered market. But at around 0300... »