COVID-19 Dollar Oil

Posted: April 3, 2020
Category: News Pulse

RP Weekly Recap | March 30-April 3


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.


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


Content UpdatesNews PulsePodcast

  • 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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