Energy Bangla

The government on Friday issued a “Fuel Pricing Guidelines” through a gazette notification to set an automated price for the petroleum fuels across the country. The system will be effective from March. Under the guidelines, prices of all the petroleum fuels including petrol, diesel, octane, kerosene, furnace oil, jet fuel, marine fuels will be set automatically on the basis of the international market price. The local prices will go up... »

World oil supply is forecast to rise to a new high of 103.5 mln barrels per day in 2024, fueled by record-setting output from the US, Brazil, Guyana and Canada, the IEA (International Energy Agency) said in its January Oil Market Report. Non-OPEC+ production will dominate growth this year, accounting for close to 1.5 mln barrels per day, the agency said. OPEC+ supply is expected to hold broadly steady on... »

Oil rose 1% on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. Brent crude futures settled 88 cents, or 1.1%, higher at $78.29 a barrel. The session high was up over $3 to more than $80, its highest this year.... »

Major oil and gas companies such as Aramco, ExxonMobil and Shell could have paid for their share of the damage caused by climate change and still earned trillions of dollars in profit, researchers said on Thursday. Their conclusions were released ahead of the UN’s COP28 climate negotiations later this month in Dubai, where developing countries not responsible for most carbon emissions are expected to push for governments and firms to... »

Bangladesh will import a total of about 3.8 million metric tons (MTs) of different types of refined petroleum from January to December in 2024. Cabinet Committee on Economic Affairs (CCEA) in a meeting, with Finance Minister AHM Mustafa Kamal in the chair, in principle approved a proposal of the Bangladesh Petroleum Corporation (BPC) in this regard. Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources... »

Russian fuel producers have been told by the government to prepare for the scrapping of all remaining restrictions on the export of diesel and gasoline, three industry sources told Reuters on Thursday. Russia, the world’s top seaborne exporter of diesel, introduced a ban on fuel exports on Sept 21 to tackle high domestic prices and shortages. The government eased restrictions on Oct 6, allowing the export of diesel by pipeline,... »

Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. “This was the perfect technical storm. We came into this week with an almost record short position and now we’re seeing some short... »

Oil prices edged up on Monday after top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Brent crude futures rose 41 cents, or 0.5%, to $85.30 a barrel by 0000 GMT while U.S. West Texas Intermediate crude was at $81.05 a barrel, up... »

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watched the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a... »

Bangladesh will import 1.5 million tonnes of crude oil from Saudi Arabia and United Arab Emirates for the year of 2024. The Cabinet Committee on Economic Affairs in a virtual meeting, with Finance Minister AHM Mostafa Kamal, in-principle approved a proposal in this regard. As per proposal of the state-owned Bangladesh Petroleum Corporation, moved by the Energy and Mineral Resources Division of the Ministry of Power, Energy and Mineral Resources,... »