Energy Bangla

Bangladesh Petroleum Corp (BPC) has issued an international tender to sell 170,000 barrels of naphtha for May 24-26 loading from Chittagong, a company official said on Tuesday. The tender will close on May 5, with validity up to May 12. The offer came after Asian naphtha crack fell to $99 a tonne on Monday, as expectations of high supplies coming to the east next month from Europe pushed it lower... »

MUMBAI: India’s state-run oil marketing companies have reduced retail prices for petrol by Rs 0.80 a litre and retail price of diesel by Rs 1.30 a litre responding to lower crude oil prices. The new rates would be effective from April 16. Prior to this, the oil marketing companies had cut price of petrol by 49 paise and diesel by Rs 1.21 for every litre from April 2. “Since last... »

OPEC has been the most talked about international organization among investors, analysts and international political lobbies in the last few months. When OPEC speaks, the world listens in rapt attention as it accounts for nearly 40 % of the world’s total crude output. With its headquarters in Vienna, Austria, one of the mandates of 12- member OPEC is to “ensure the stabilization of oil markets in order to secure an... »

NEW YORK: After prior day’s heavy gains, crude prices took a pounding on Thursday on news of a tentative agreement on Iran’s nuclear program. The Iranian nuclear talks ended in Lausanne, Switzerland with all sides reaching a agreement that the Iran’s enrichment capacity, enrichment level and stockpile will be limited for specific duration and there will be no other enrichment facility than the country’s Natanz nuclear plant, reports Xinhua. EU... »

The government plans to divert budgetary allocation set aside for fuel oil subsidy to implement the pay hike for public servants from next July. Finance ministry officials said plummeting fuel oil price in the international market had created scope for saving a large portion of the subsidy meant for fuel oils. Bangladesh Petroleum Corporation acting chairman A M Badrudduja said the corporation made a profit of Tk 48.15 crore, first... »

The government has reduced tariff of different refined petroleum fuels at condensate fluctuation plants as the private sector gets more profit from it taking advantage of lower crude fuel prices on the international market. The latest adjustments will take effect from November 2014 but it will not impact the consumers end, official concern said. A gazette to this end has already been issued by Energy and Mineral Resources Division (EMRD).... »

LONDON, March 3: Global oil prices rose Tuesday but gains were limited as dealers sat on the sidelines eyeing negotiations aimed at ending a strike at some US crude refineries, analysts said. European benchmark Brent North Sea crude for April delivery won $1.22 to $60.76 a barrel in London midday deals. New York’s West Texas Intermediate (WTI) for April added 71 cents to $50.30 a barrel. Talks to settle a... »

Bangladesh Energy Regulatory Commission (BERC) is set to create a Petroleum Development Fund like Gas Development Fund (GDF) or Electricity Development and Maintenance Fund to save the state-owned Bangladesh Petroleum Corporation (BPC) from financial crunch. According to the BERC the fund would be raised by taking a portion from the profit that the BPC has earned from the sales of petroleum products in the domestic market. “The fund would be... »

If you have been following the price of oil over the last few months, the chances are you’re a little confused. On the one hand you have the likes of A. Gary Shilling who, in this Bloomberg article, loudly trumpets the prospect of oil at $10/Barrel, and on the other there is T. Boone Pickens, who, at the end of last year was predicting a return to $100 within 12-18... »

It may be difficult to look beyond the current pricing environment for oil, but the depletion of low-cost reserves and the increasing inability to find major new discoveries ensures a future of expensive oil. While analyzing the short-term trajectory of oil prices is certainly important, it obscures the fact that over the long-term, oil exploration companies may struggle to bring new sources of supply online. Ed Crooks over at the... »