Delayed Recovery

Posted: November 13, 2020
Category: News Pulse

RP Weekly Recap | November 9 – 13


For yet another month, OPEC revised its expectations for global oil demand as the renewed spike in coronavirus cases in major economies is slowing down demand recovery. The group now sees global oil demand at slightly above 90.0 million barrels per day this year, down by 9.8 million bpd compared to 2019. As a result, talks between OPEC and its allies are zeroing in on a delay to next year’s planned oil-output increase of three to six months, according to several delegates as they think twice about easing cuts in January.

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 53,045,087 (up from 48,996,342 last week)
  • Number of Cases (USA): 10,594,879 (up from 9,628,469 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

US Oil Market News

  • Occidental Is First U.S. Oil Major to Target Net Zero Emissions (Link
  • Bonanza Creek to Buy Restructured Highpoint Resources For $376 Million (Link
  • WTI Oil Prices Surge 10% On COVID Vaccine Hope (Link)  
  • EIA Sees WTI Crude Averaging $44 In 2021 (Link)  
  • San Francisco to Ban Natural Gas in New Buildings Starting June 2021 (Link)  
  • Wyoming Governor Mark Gordon Announced Plans to Use $15 Million in Federal CARES Act Funds to Help Wyoming’s Struggling Oil and Gas Industries Recover (Link
  • Big Oil Execs Say They’re Not Worried About Biden’s Energy Plan, Hope to ‘Get His Staff on Board’ (Link)  
  • Shell To Shut Down Louisiana Refinery (Link
  • Wyoming Launches Economic Stimulus Program to Bring Back Oil and Gas Workforce (Link)
  • U.S. Commercial Crude Oil Inventories Increased by 4.3 Million Barrels (Link)
  • Record-Breaking Hurricane Season Took Major Toll On Gulf Of Mexico Production (Link)  
  • Lufkin Industries Acquires Schlumberger’s North American Rod Lift Business (Link
  • A Fracking Ban Is Just One Way A Biden/Harris Presidency Will Impact The Oil And Gas Industry (Link) **INTERESTING READ**

Global Market News

  • OPEC+ Focuses on Delay to Oil Output Hike of Three to Six Months (Link
  • OPEC Cuts Oil Demand Outlook Again As COVID Slows Recovery (Link)  
  • Saudi Arabia And Iraq Agree To Intensify OPEC Cooperation (Link)  
  • Shell’s Largest Refinery Reduces Crude Processing Capacity By 50% In Singapore (Link)
  • BP and Ørsted to Create Renewable Hydrogen Partnership in Germany (Link)
  • Saudi Arabia Cuts Oil Prices To Asian Market (Link)  
  • ADNOC and TOTAL Deliver First Unconventional Gas From The UAE (Link)  
  • Pirate Attacks On Oil Tankers Off West Africa Intensify (Link, Link
  • Iran Claims Its Oil Exports Have Been At 700,000 Bpd Since March (Link
  • ConocoPhillips Discovers Gas Offshore Norway (Link

Employment Updates

  • Shell to Cut Hundreds of Singapore Refinery Jobs After Capacity Reduction (Link)
  • Unemployment Claims Fall to 709,000, Still a Historic High – more than 1 million people applied for jobless aid last week (Link)

US Rig Count

  • UP 12 from last week for a total of 312
  • Down 61% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • Our eighth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with the co-founder and CEO at Cemvita Factory, networking extraordinaire Moji Karimi HERE!
  • A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on the evolving landscape of the global refining industry and how the wave of closures in the United States and Europe does not signal an end to global refining, but more of a shift in output priority and refining location. (Link
  • This week’s Periodical uncovers the fact that the global refining landscape has been changing over the past decade, but the rapid demand destruction associated with the global pandemic has flipped the sector on its head. Many refineries in the U.S. and around the world have been changing their refined products or closing entirely. Luckily, the wave of closures in the United States and Europe does not signal an end to global refining, but more of a shift in output priority and refining location. Companies and countries are moving away from refineries only designed to make gasoline and diesel, favoring those with the additional capability to refine crude into petrochemicals and plastics. Be sure to check out Global Refining Capacity HERE!  
  • Episode 4 (Industrial Internet of Things) from our newest segment, 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 HERE
  • As Always, A New Monday Madness Podcast! (Link)  

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