Energy Bangla

Plunging oil prices have been blamed for a sharp rise in the number of UK oil and gas companies going bust. Last year, 28 oil and gas service firms entered insolvency, up from 18 in 2014, according to research by accountancy firm Moore Stephens. The company said the increase was “an almost inevitable result” of the drop in the oil price and the consequent cancellation of projects worldwide. It estimates... »

The London market saw £52 billion wiped off top flight shares today, as oil prices tumbled sending the market close to four-year lows. The FTSE 100 Index fell more than 3%, or 203.2 points, to 5673.6 as the price of Brent Crude dipped below 27.50 US dollars a barrel. It was the market’s lowest level since November 2012. Oil prices have collapsed by more than 70% since their peak of... »

For around 15 years, Bangladesh had to struggle with import of oil because the price continued to climb from just $25 in1998 a barrel to $145 in 2008. The country’s oil importing agency Bangladesh Petroleum Corporation (BPC) counted staggering losses from 1999 till mid 2014. High prices made the oil producing countries richer by trillions of dollars. But things began to change when the USA started producing shale oil to... »

The oil price has fallen below $28 a barrel amid fears the lifting of Western sanctions on Iran could worsen the existing oversupply problem. Brent crude, used as an international benchmark, fell as low as $27.67 a barrel, its lowest since 2003, before recovering slightly to trade at $28.17. The price of US crude fell below $29 a barrel to $28.86. The lifting of the Iran sanctions mean half a... »

Oil prices crashed 6 percent on Friday to close below $30 a barrel for the first time in 12 years, resuming this year’s breathtaking rout as Chinese stock markets fell further and traders braced for an imminent rise in Iran’s exports. After closing higher for the first time in eight sessions on Thursday, U.S. and Brent crude futures plumbed new lows, taking this year’s losses to more than 20 percent,... »

The rift between Saudi Arabia and Iran has quickly ballooned into the worst conflict in decades between the two countries. The back-and-forth escalation quickly turned the simmering tension into an overt struggle for power in the Middle East. First, the execution of a prominent Shiite cleric prompted protestors to set fire to the Saudi embassy in Tehran. Saudi Arabia cut off diplomatic relations and kicked out Iranian diplomatic personnel. Tehran... »

Petrol price was cut by 32 paise a litre and diesel’s by 85 paise a litre, the fourth reduction in rates in six weeks on the back of softening global oil prices. Petrol in Delhi will cost Rs 59.03 per litre with effect from Friday midnight as against Rs 59.35 per litre currently. A litre of diesel will cost Rs 44.18 as opposed to Rs 45.03 presently, said Indian Oil... »

Oil prices have briefly fallen below $30 a barrel on international markets for the first time since April 2004, before recovering again. Brent crude, used as an international benchmark, fell as low as $29.96, but bounced back to trade at $30.22. Oil prices have fallen by 70% in the past 15 months. Earlier, Russia’s Prime Minister, Dmitry Medvedev, warned tumbling oil prices could force his country to revise its 2016... »

UK oil firm BP said it would cut 4,000 jobs globally, 600 of which will be from its North Sea operations. It comes as profits continue to suffer as a result of a 70% collapse in oil prices leading to a big cutback in investment across the oil industry. The North Sea job cuts are expected to take place over a two-year period. Meanwhile, Brazil’s oil giant, Petrobras, announced a... »

Oil prices have been volatile again, hit by continuing oversupply, the strong dollar and weak global demand. Some members of the Opec group of oil producers have called for an emergency meeting to discuss reducing output. Opec president Emmanuel Ibe Kachikwu said an extraordinary meeting could be held in early March. On Tuesday, Brent crude fell as low as $30.43 per barrel before recovering to trade 0.5% higher at $31.75... »