RP Weekly Recap | May 9 – 13

Summary

Apple has lost its crown as the world’s most valuable company to the oil giant Saudi Aramco, as soaring commodity prices swell profits at energy companies and technology stocks continue to slide. Aramco traded near its highest level on record this past Wednesday, with a market capitalization of about $2.43 trillion, surpassing that of Apple for the first time since 2020. Even if the move proves short-lived and Apple retakes the top spot again, the role reversal underscores the power of major forces coursing through the global economy. Check out this story and more in this week’s recap of all things happening in oil and gas!

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 520,376,022 (up from 516,364,972 last week)
• Number of Cases (USA): 82,374,342 (up from 81,727,672 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Oil Prices Top $111 As Biden’s SPR Buyback Plan Leaks
• Relentless Price Hikes Send U.S. Gasoline Price To Fresh Record High
• NOPEC: America’s Last Stand Against OPEC’s Drift To The East
• U.S. Grid Operators Are Bracing For A Wave Of Blackouts

Global Market News

• Saudi Aramco Becomes World’s Most Valuable Stock as Apple Drops
• Russian Oil Production May Fall To 18-Year Low On EU Oil Embargo
• EU Plan To Ditch Russian Gas May Cost $214 Billion More Than Planned
• OPEC+ Misses Production Target By Whopping 2.7 Million Bpd
• Brazil Considers Full Privatization Of Oil Giant Petrobras
• OPEC Cuts Global Oil Demand Growth Forecast, Again
• Turkey Looks To Kazakhstan To Form New Trade Route To Bypass Russia
• Guyana Is On Track To Become A Leading Global Oil Producer
• Gazprom Claims It’s “Technically Impossible” To Reroute Gas To Europe
• Russia Boosts Crude Sales To India’s Top Refiner

Employment Updates

• Employers Defy Expectations of a Slowdown, Adding 428,000 Jobs in April – the labor market continues to rack up big gains in employment

United States Rig Count

• Up 9 from last week for a total of 714
• Up 57.6% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• A New Basin Breakdown for the month of March is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy!

• In a time when energy independence should be above all else, the Biden administration continues to create policies that make domestic production difficult. Just today, the BLM announced that the amount of land available for offshore oil and gas drilling in Alaska’s Northeast National Petroleum Reserve would be reduced. This isn’t the first time drilling in Alaska has proved controversial. Our latest Periodical will explore the history of policies surrounding oil and gas drilling in Alaska, and attempt to argue why drilling here is critical.

• Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!

• RARE PETRO is the tik talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video uncovering what Hollywood does not understand about a blowout. 

• Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round. 

• As Always, A New Monday Madness Podcast! 

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