RP Weekly Recap | August 9 – 13
On Monday, the Intergovernmental Panel on Climate Change (IPCC), an official UN task force, released a 3,949-page report that called current climate change trends a “code red for humanity.” Scientists noted that it is unequivocal that human influence has warmed the atmosphere, ocean, and land; finding that human activity has increased the global average temperature by about 2 degrees Fahrenheit since the Industrial Revolution of the 19th century. While UN Secretary-general Antonio Guterres noted this report must sound a death knell for coal and fossil fuels before they destroy our planet, there is a little hope. Since the IPCC’s last big report in 2013, countries have done a better job in curbing carbon emissions, but they need to speed up those cuts dramatically, or it will be nearly impossible to keep global temps from spiraling higher. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 205,794,505 (up from 201,172,398 last week)
- Number of Cases (USA): 36,341,661 (up from 35,453,516 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- White House Urges OPEC to Boost Oil Output Amid Covid-19 Economic Recovery
- U.S. Calls on OPEC and its Allies to Increase Oil Production
- Environmentalists Slam Biden For OPEC Plea
- U.S. Energy Development to Invest $21.8 Million in Core of Permian Basin
- EIA Lowers Oil Production Expectations For 2022
- Exxon Mobil Launches U.S. Shale Gas Sale to Kick-start Stalled Divestitures
- Diamondback’s Viper Energy to Acquire Permian Mineral Interests for $225 Million
- U.S. Shale Pioneer Chesapeake Energy to Buy Gas Producer Vine Energy for $2.2 Billion
- Something Interesting Is Happening In Copper Markets
Global Market News
- U.N. Climate Change Report Sounds “Code Red For Humanity”
- Chinese Oil Demand To Crash By 1 Million Bpd On Covid Surge
- China Cranks Up Carbon-intensive Projects as Climate Crisis Grows, Research Shows
- China Restarts Coal Mines To Keep Up With Power Demand
- BHP Urged to Run Down Not Sell Its Fossil Fuel Assets
- Oil Tanker Explodes In Syrian Port
- Europe Could Face A Natural Gas Crisis This Winter
- Canada Largely Depends on U.S. Imports, Despite Being World’s 4th Largest Crude Producer
- Pipeline Leak Cuts Libya’s Oil Production By 70,000 Bpd
- EU Urges All Major Economies to Raise Climate Goals by November Summit
- China’s Biggest Refiner To Refine Less Crude This Month
- Saudi Aramco Reports Highest Quarterly Profit Since 2018
- Colombia’s Oil Industry Tumbles Amid Violent Protests
- Iran Oil Output Falls To 40-year Low In 2020
- Venezuela’s Oil Reserves Doomed To Become The World’s Largest Stranded Asset
United States Rig Count
- UP 9 from last week for a total of 500
- Up 104.9% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Our latest Periodical highlights the fact that the number of drilled but uncompleted wells, or DUCs, has risen dramatically from 2017 until 2020. From the middle of 2020 until now, the DUC inventory has been decreasing rapidly as operators reduced drilling programs and focused on completing existing DUCs.
- 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 covering how the Olympic torch works.
- 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!
- If you’ve ever read the news you’ve surely seen the controversy surrounding our industrial circulatory system: pipelines. When was the first pipeline built? Are pipelines safe? Is there a better transportation method than pipelines? Find out in episode six of Hydrocarbon History!
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