RP Weekly Recap | March 22 – 26
On Tuesday, a gargantuan 400-metre cargo ship named the Ever Given ran aground in the Suez Canal, blocking maritime traffic from entering or exiting the crucial shipping highway due to strong winds from a sandstorm that restricted visibility. The canal is the carotid artery of the global shipping system with around 12% of worldwide shipping traffic flowing through its narrow waters, including roughly 5% of globally traded crude oil. With 237 vessels waiting in the area on Friday – 107 at Port Suez in the Red Sea, 41 at the canal’s midway point in the Great Bitter Lake, and 89 at Port Said in the Mediterranean – the blockage is costing an estimated $9.6 Billion in goods each day. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 125,698,834 (up from 118,798,642 last week)
- Number of Cases (USA): 30,096,139 (up from 29,297,405 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- 21 States Sue Biden Over Killing Keystone XL Pipeline
- 13 States Sue Biden Administration Over Pause on Oil & Gas Leases on Federal Land
- Wyoming Sues Biden Over Oil & Gas Leasing Moratorium
- China Overtakes U.S. As World’s Largest Refiner
- HighPoint Resources Files for Chapter 11 Bankruptcy Protection
- California Senators Urge Biden To Phase Out Gasoline Cars (See Letter Here)
- Jet Fuel Demand Set To Recover As U.S. Air Travel Picks Up
- EIA Reports Small Crude Inventory Build
- Mexico’s Pemex Considering Letting U.S.-Based Talos Energy To Lead Development of Mexico’s Zama Oil Field
- Oil Company Leaders Met With White House To Discuss Putting Price On Carbon Emissions
- American Petroleum Institute Endorses Carbon Pricing As Oil And Gas Industry Faces Pressure On Emissions
Global Market News
- 13 Million Barrels Of Oil Could Be Affected By Suez Canal Blockage
- Suez Canal Blockage Is Delaying An Estimated $400 Million An Hour In Goods
- Suez Canal: Ships Stuck In ‘Traffic Jam’ As Salvage Efforts Continue
- Is The World’s Most Controversial Pipeline, Nord Stream 2, About To Pivot To Hydrogen?
- Gas Pipeline Explosion Cuts Venezuela Oil Production By 30,000 Bpd
- Kazakhstan Is Eager To Abandon The OPEC+ Deal
- Chinese Oil Giant CNOOC Sees Profits Plunge By 59% In 2020
- Houthi Rebels Launch Missile Attack On Saudi Oil Terminal
- India Looks To Lure Energy Investors Away From China
- Canadian Oil Lobby Declares War On Netflix
- Saudi Aramco sees 2020 profits drop to $49 billion
- Canada’s Oil & Gas Mergers Hit Record $18 Billion So Far This Year
- Offshore Oil & Gas Spending Set To Jump To $44 Billion In 2021
- Oil Sees Biggest Single-Day Loss Since April 2020
- 118,500 Oil & Gas Wells To Be Drilled Worldwide Through 2022 **MUST READ**
- Canada Oil Industry to Shed 7,300 Jobs This Year
- UK Vows To Protect North Sea Oil Jobs
- The Number Of Jobless Claims Filed Last Week Dropped To A Pandemic-Era Low Of 684,000 – another data point that indicates an economic rebound is just around the bend
United States Rig Count
- Up 6 from last week for a total of 417
- Down 41.6% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode One of our newest segment, Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn from the mistakes and successes of others. In the premier episode, Tavis investigates how the Dominican Republic developed their electrical grid in contrast to neighboring Haiti.
- A NEW Basin Breakdown for the Month of February is available now! Be sure to check out the articles HERE and podcast HERE!
- Episode Fourteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Matt Showalter, Executive Chairman at Iron-IQ!
- Episode 11 (Tackling the Data Monster Pt. 2) of the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield, and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering recent environmental, social, and corporate governance policies that energy companies worldwide have released in recent months and more specifically, their plans to implement carbon capture utilization and storage techniques in order to lower their carbon footprint and fight climate change.
- This week’s Periodical investigates global energy companies environmental, social, and corporate governance policies that implement carbon capture, utilization, and storage techniques to lower their carbon footprint. While renewables, nuclear, and energy efficiency will all be critical tools in the armory for lasting change, the fact remains: fossil fuels are not going anywhere soon. This means the world must find effective new ways to manage emissions in order to balance increased regulatory oversight with the globe’s growing energy demand. Major oil and gas companies have taken various routes to accomplish this goal, and time will tell which of the initiatives provide best results.
- As Always, A New Monday Madness Podcast!
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