Energy Bangla

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... »

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... »