CDN and International News - Today in Oil and Gas

Citigroup Must Face $1 Billion Lawsuit Claiming it Aided Mexican Oil Company Fraud

Citigroup must face a revived lawsuit claiming it caused more than $1 billion of losses by orchestrating and concealing a vast fraud at the now-bankrupt Mexican oil and gas services company Oceanografia, a U.S. appeals court ruled on Thursday. A three-judge panel of the 11th U.S. Circuit Court of Appeals in Miami said 30 Oceanografia …

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OPEC April Oil Output Edges Lower Despite Plans for Hike, Survey Finds

By Alex Lawler LONDON, May 8 (Reuters) – OPEC oil output edged lower in April despite a scheduled output hike taking effect, a Reuters survey found, led by a cut in Venezuelan supply on renewed U.S. attempts to curb the flows and smaller drops in Iraq and Libya. The Organization of the Petroleum Exporting Countries …

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Germany’s Energy Transition Hits Reverse so Far in 2025

CDN and International News, Coal, Conventional Energy, Electricity Grid, Emission Reduction, Energy Topics & Technology, Latest, Natural Gas, Renewable Energy, Solar, Wind / By mark

By Gavin Maguire LITTLETON, Colorado, May 8 (Reuters) – Clean energy sources generated the smallest amount of Germany’s electricity in over a decade so far in 2025, dealing a blow to the energy transition momentum of Europe’s largest economy. Electricity generation from clean power sources totalled just under 80 terawatt hours (TWh) during the first …

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US Sanctions on China Refiners Over Iran Oil Disrupt Operations

CDN and International News, Conventional Energy, Latest, Oil / By mark

Recent U.S. sanctions on two small Chinese refiners for buying Iranian oil have created difficulties receiving crude and led them to sell product under other names, sources familiar with the matter said, evidence of the disruption that Washington’s stepped-up pressure is inflicting on Tehran’s biggest oil buyer. The targeting of independent refiners, known as teapots, …

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What Went Wrong for BP? Why the Oil Major Hit Reset

CDN and International News, Conventional Energy, Latest, Natural Gas, Oil / By mark

It’s been almost 25 years since BP Plc attempted to rebrand itself as “Beyond Petroleum” and adopt a more environmentally friendly image. But with a recent swing away from green energy toward its fossil fuel roots, “Back to Petroleum” might be a more appropriate tag line. The shift comes as BP lags significantly behind its …

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BP-Shell Megadeal Would Create European Rival to Exxon Mobil

CDN and International News, Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Mergers and Acquisitions, Natural Gas, Oil / By mark

If Shell acquires BP, it would create a European oil major that could challenge industry leaders Exxon Mobil Corp. and Chevron Corp., with upstream oil and gas production of nearly 5 million barrels of oil equivalent a day. Summary by Bloomberg AI The deal would give Shell dominance in LNG sales, with combined sales jumping …

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Oil Market ‘Smile’ Suggests Saudi Arabia’s Output Shift Was Well Timed

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By mark

(Reuters) – The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil …

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WIND WARNING: Orsted Cancels Major UK Wind Project as Economics Worsen

CDN and International News, Latest, Renewable Energy, Wind / By mark

Summary • CEO blames higher costs, interest rates and execution risks • Q1 core profit above forecasts • British government hopes to revive the project (Reuters) – Orsted will no longer build a major offshore wind farm in Britain, it said on Wednesday, citing a deteriorating global business environment for renewables and dealing a blow …

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Putin and XI to Talk Energy, Discuss Power of Siberia 2 Gas Pipeline

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, LNG, Natural Gas, Pipelines / By mark

(Reuters) – Russia’s Vladimir Putin and China’s Xi Jinping will discuss the “most sensitive” issues, including energy cooperation and a proposed Power of Siberia 2 gas pipeline to China, Kremlin aide Yuri Ushakov said on Tuesday. Xi will start an official four-day visit to Moscow on Wednesday and will be among a number of the …

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EU Plan to End Addiction to Russian Gas Faces Geopolitical Risks

CDN and International News, Conventional Energy, Latest, LNG, Natural Gas / By mark

By John Ainger Oil pumping jacks near Almetyevsk, Russia. Photographer: Bloomberg The European Union gave its strongest signal yet that it’s serious about ending five decades of reliance on Russian energy, but a challenging geopolitical environment may derail its plans. The European Commission, the bloc’s executive branch, unveiled a roadmap to finally switch off the …

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