RP Weekly Recap | May 2 – 6

Summary

The European Union relies on energy exports from Russia more than from any other country and now, the EU is proposing to cut itself off from Russian oil. The proposal comes after weeks of speculation about how far the bloc would go in imposing economic sanctions that could harm its own member states. The ban would hit a key pillar of Russia’s economy by phasing out the import of Russian crude oil to Europe within six months and stopping the flow of refined oil by year’s end. It would also put enormous pressure on the EU’s 27 members to find new energy sources and to cope with whatever retaliatory moves Russia imposes in return. 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): 516,364,972 (up from 512,726,698 last week)
• Number of Cases (USA): 81,727,672 (up from 81,289,510 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Shale Producers Face $42 Billion In Hedging Losses
• U.S. Offshore Oil Boom Is No Cure For Global Supply Crunch
• White House Stops Asking Saudi Arabia to Pump More Oil to Offset Biden’s Russian-Energy Ban As U.S. Gulf Relations Hit New Low
• API Shows Large Crude Inventory Drawdown
• Oilfield Services Are Set For Years Of Profits
• API Opposed To U.S. Bill Allowing Antitrust Lawsuits Against OPEC
• U.S. Natural Gas Prices Could Soon Hit $10

Global Market News

• The EU Just Proposed a Ban on Oil From Russia, its Main Energy Supplier 
• What Europe’s Ban of Russian Oil Could Mean for Energy Markets – and Your Gas Prices
• German Refinery Faces Crude Shortage As EU Sanctions Kick In
• Russia Planning to Annex Parts of Eastern Ukraine in Mid-May 
• $100 Oil Encourages Iraq To Fast-Track Production At Two Major Oil Fields
• China Calls Out U.S. Dollar Dominance As It Buys Russian Coal With Yuan
• European Requests For Russian Gas Hit 5-Month High
• Russia Retaliates: Putin Publishes New Sanctions Against The West
• Russia’s Oil Output Is Plummeting, And It May Never Recover

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 7 from last week for a total of 705
• Up 57.4% 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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