Energy Bangla

Prime Minister Sheikh Hasina has made it clear that Bangladesh will see no cut in oil prices soon despite calls from different concerned quarters. The prices will be reduced, if found necessary, after the Bangladesh Petroleum Corporation (BPC) repays its loans and clears its dues, she told Parliament on Wednesday. She said the BPC is yet to pay back about Tk 150-160 billion it had borrowed to subsidise petroleum selling.... »

Saudi Arabia has provisionally agreed with Russia to freeze oil output at January levels, in a co-ordinated move to reduce a supply glut and shore up prices. After more than 15 months of opposition to unilaterally cutting oil supplies, Saudi Arabia’s powerful oil minister Ali al-Naimi said the agreement between some of the world’s major producers to freeze output should be enough to stabilise the market, which has been hit... »

The US crude tumbled to near its lowest level since late 2003 on Thursday. It has dragged down by continuing worries about the global oversupply of crude and falls in the wider financial markets. US crude futures dropped 4% Thursday, driving prices below $27 for the second time in recent weeks, reports CNN, AFP. Before this year, oil prices hadn’t dipped below $27 since 2003. The steady decline is creating... »

The government is considering reduction of fuel oil prices in the country, although common people, except some traders, do not get benefit from the price cutting of the commodity. State Minister for Power, Energy and Mineral Resources Narsul Hamid told the Jatiya Sangsad, while replying to a question from opposition bench member Kazi Feroz Rashid on Thursday. “Though the fuel oil prices declined in the international market but at any... »

A parliamentary panel has prodded the government to see if prices of fuel oil in the domestic market can be cut since international prices are in a freefall. The recommendation came from a meeting of the parliamentary standing committee on power, energy and mineral resources ministry on Tuesday amidst call from different quarters including businesses. Committee member Md Atiur Rahman Atik told the news agency that they discussed if a... »

Oil prices eased on Tuesday, dragged lower by a broad decline across major financial markets and by a growing expectation that global demand will not grow quickly enough to erase the overhang of unwanted crude any time soon. The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output,... »

The Government is not making any profit since the fuel prices fell on international market as we are paying off loans of over Tk 32,000 crore with the money,” State Minister for Power Nasrul Hamid told parliament while making a statement. State Minister added, the Government had to give huge fuel subsidies when oil prices were high on the world market. Bangladesh Petroleum Corporation (BPC) had to take loans from... »

The Energy Ministry last week sent a detailed report to the Ministry of Finance (MoF) spelling out the significance of declining oil prices in the international market and fiscal health of state-run Bangladesh Petroleum Corporation (BPC). The Ministry of Power, Energy and Mineral Resources (MPEMR) submitted the report in response to a letter from the MoF. Sources informed, the government made the analysis meant for readjustment of the fuel prices... »

Inventories will continue to rise, but the momentum is slowing. The following are some observations as to how we got here and how we’re gonna get out. 9 reasons why oil has taken so long to bottom: 1. OPEC increased production in 2015 to multiyear highs, principally in Saudi Arabia and Iraq where production between the two added 1.5 million barrels per day (mb/d) to inventories after the no cut... »

Oilprice.com recently spoke with Carl Larry, Director of Oil and Gas at Frost & Sullivan, a consultancy that conducts research on oil and gas markets, to get his thoughts on the state of oil in 2016. Oilprice.com: I saw that you were on Bloomberg in December, and you said that you thought oil would go to the low $30s per barrel, which was a good call at the time, before... »