Energy Bangla

Crude oil fell 3 percent on Tuesday, heading toward $30 per barrel and levels not seen in over a decade, with analysts scrambling to cut their price forecasts and traders betting on further declines. Prices are down around 20 percent since the start of the year, dragged lower by soaring oversupply, China’s weakening economy and stock market turmoil, as well as the strong dollar, which makes it more expensive for... »

State-owned Bangladesh Petroleum Corporation (BPC) has decided to store diesel to ensure supply of fuel for the upcoming irrigation season in Northern region. Since the Northern Region consumes maximum diesel during irrigation season the Energy Division gave emphasis to the region. BPC estimated 3.80 lakhs tones of diesel for this season for Northern side of the country. BPC estimated for the season 17 lakhs tones of fuel among them 3.80... »

Oil prices rebounded from 12-year lows in Asia Friday but the China-triggered global stock market turmoil and crude oversupply kept investors on edge. The plunge in Chinese stocks is raising further concerns about the country’s economic growth slowdown and its impact on oil demand. China is the world’s second biggest economy and top energy consuming nation. Beijing attempted to reassure markets late Thursday by lifting a circuit breaker system that... »

Oil prices jumped on the first trading day of 2016 as Middle East tension outweighed a selloff in financial markets around the world. Oil markets remain oversupplied and depressed, but geopolitical flashpoints have a historical tendency to disrupt market trends. Over the weekend, Saudi Arabia carried out a mass execution of 47 prisoners, including a prominent Shiite cleric Nemer al-Nemer. The executions prompted condemnations from around the world, but in... »

Leading financial watchdog Centre for Policy Dialogue (CPD) monday suggested lowered petroleum price against the backdrop of the international market trend expecting the move to benefit the national economy. “Domestic price of petroleum products have not been adjusted with the declining trend in the international price since January 2013 despite a strong demand from stakeholders,” the think-tank said in its State of the Bangladesh Economy report for 2015-2016 fiscal. Revealing... »

Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned Saturday. “A low point could be in the first quarter,” Dudley told BBC radio. Oil prices fell by 34 percent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry China’s economy. Dudley predicted that prices could stabilise towards the end of the year, but... »

Russian Energy Minister Alexander Novak said in an interview this week aired on a Russian television channel Saudi Arabia was to blame for the collapse in crude oil prices, Oil Gas Daily reported. Brent crude oil prices are down roughly 36% from this time last year and continue to hold beneath $40 per barrel — even pennies below West Texas Intermediate crude — Kallanish Energy calculates. Oversupply, despite low crude... »

OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oil prices returning to triple-digit territory within... »

Chief Economist of Bangladesh Bank Biru Paksha Paul has suggested reducing fuel prices in line with global rates to boost investment in the country. However, Prime Minister’s Adviser on Energy issues Tawfiq-e-Elahi Chowdhury has disagreed saying fuel-price parity will have no impact on domestic investment. They were speaking at a discussion titled “States of the Economy” organised by the Board of Investment on Tuesday. Biru Paksha Paul argued that the... »

Oil prices have fallen to levels not seen since 2004, surpassing the lows seen during the recession of 2008. Brent crude sank to $36.05 a barrel – its weakest since July 2004 – before recovering slightly to $36.56. A global oversupply has dramatically driven down the price of oil, with suppliers failing to reach agreements to address the glut. Just 18 months ago, in June 2014, the price of oil... »