Energy Bangla

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... »

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... »