Oil prices soar as Russia reduces production

The 130-km Friendship Pipeline between Bangladesh and India, which will transport gasoline or diesel, is ready for opening. The pipeline, known as the Indo-Bangla Friendship Pipeline has 126.57 km in Bangladesh and 5 km built in India.

The Indian Oil Company has resumed the long-term supply of refined petroleum products to Bangladesh using ocean-going vessels. This is the first shipment of oil from India's state-owned entity to Bangladesh after 2020 According to a senior official at the state-run Bangladesh Petroleum Company (BPC), it already delivered a 33,000-tonne cargo of gasoil, or diesel, containing 0.005% sulfur last week.

The global oil and gas industry's profits soared to approximately $4 trillion in 2022, a tremendous increase from its recent average of $1.5 trillion, according to the International Energy Agency.  Shell, a multinational oil and gas company based in the UK, reported a record $39.9 billion annual profit in 2022. 

Due to the increase in fuel prices, four state-owned petroleum distribution companies—Padma Oil, Meghna Petroleum, Jamuna Oil, and Eastern Lubricants—saw enormous profit increases from July through December of the fiscal year 2022–23.

The Indian oil and gas exploration company ONGC Videsh Ltd.'s (OVL) production-sharing contract (PSC) has been extended by the government for two more years, giving the company a chance to finish its committed exploration in the Bay. The govt. has extended the OVL's PSC tenure in accordance with their complaint that it "failed" to do the requisite exploration by the previously specified deadline of February 2023. This is the third additional time period that the Petrobangla has granted the OVL.