RP Weekly Recap | March 30-April 3

Summary

With unemployment levels rising as quickly as COVID-19 cases, the oil and gas industry saw a much needed break this week after prices dropped below $20 for the first time in 18 years.

BREAKING NEWS

End of the Price War?

• Trump announces a 10-15 Million Barrel Production Cut from Russia and Saudi Arabia
• Read our full coverage HERE and listen HERE 
• UPDATE: OPEC+ Discuss 10 Million BPD Cut Involving Other Producers (Link)

COVID-19 Updates

COVID-19 Statistics

• Number of Cases (Worldwide): 1,041,126 (up from 558,905 last week)
• Number of Cases (USA): 245,658 (up from 86,012 last week)
• Statistics (courtesy of Johns Hopkins)

COVID-19 News

• 3 Billion and Rising: Coronavirus Has Billions on Lockdown, Causing a 20% Drop in Oil Demand (Link)
• WHO: The world will reach 1 million confirmed coronavirus cases in the next few days (Link)

Financial & Economic Updates

US Oil Market News

• The Plummeting Price of Oil (Link) **MUST READ/VIEW**
• Why US Shale Will Survive the Oil Price War (Link)
• The US Fracturing Market Is Sinking, But How Low Will It Go? (Link)
• Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60 (Link)
• U.S shale company Whiting becomes first major bankruptcy of oil price crash (Link)
• The U.S. Is About To Lose Its Place As The World’s Largest Oil Producer (Link)
• U.S. Drillers Face Doomsday Scenario As Some Crude Blends Hit $1 (Link)
• California Oil Industry Facing Disaster Due to Coronavirus, Oil War Threats (Link)

Global Market News

• Oil Hits $20 For The First Time In 18 Years (Link)
• Russian Government Buys Venezuelan Assets From Its Own Oil Company (Link)
• Canadian Drillers Face Nightmare Scenario As Oil Crashes To $5 (Link)
• Terrorist Attack Halts Iranian Exports to Turkey (Link)
• The First Victims Of The Oil Price War (Link)
• $1 Oil: Saudi Arabia’s Attempt To Crush U.S. Shale (Link)

Employment Updates

• Breaking records two weeks in a row: Coronavirus batters US economy as 6.65m file for unemployment last week (3.28 million the week prior) (Link)
• Spending Cuts First, Job Cuts are Next (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

• (-64) in the last week 
• Down 29% from one year ago

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• BREAKING NEWS – End of the Price War? (Article Link, Podcast Link)
• New Monday Madness Podcast (Link)
• Guest Podcast: #HOTTAKEOFTHEDAY with David Ramsden Wood (Link)
• Could the Oil Price War Force U.S Antitrust Laws on Saudi? (Link)

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PETRO Engineering, PLLC via the linked sources unless otherwise
noted.