RP Weekly Recap | June 28 – July 2
A phenomenal week as WTI moves into the neighborhood of $75, but that may not last long depending on the outcomes of the OPEC+ meeting. While the group met on the 1st of July, they failed to reach a conclusion. While Saudi Arabia and Russia proposed extending the cuts as far as the end of 2022, the UAE disagrees. The UAE has been expanding its capacity for production and sees growth into the short and medium term futures. They want to control a greater share of the market and produce now, not later. They reconvene today, July 2nd, to see if they can’t compromise and come to a conclusion.
- Number of Cases (Worldwide): 182,761,673 (up from 180,130,171 last week)
- Number of Cases (USA): 33,679,990 (up from 33,593,763 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Oil Inventories Fall For Sixth Straight Week
- Number Of U.S. Drilled But Uncompleted Wells Drops 27% In A Year
- ProFrac to Build Electric Frac Fleets Using U.S. Well Services Technology
- Pipeline Operators Score Massive Supreme Court Victory
- U.S.-Controlled Oilfield In Syria Attacked By Rockets
- U.S. Refining Capacity Shrinks as Pandemic Shuts Plants
- Record-Breaking Heatwave Sparks Blackouts Across The Pacific Northwest
- Texas Grid Meets Record June Demand
- President Biden’s Pipeline Paradox **INTERESTING READ**
Global Market News
- OPEC+ Optimistic Ahead Of Oil Production Decision
- OPEC+ Delays Ministerial Meeting Amid Differences
- Norway’s Equinor Aims to Triple UK Hydrogen Production Capacity
- Texas Upstream Employment Continues Growth
- P&A to Generate Opportunities in New Mexico
- US Well Services to Layoff 171
United States Rig Count
- Up 5 from last week for a total of 475
- Up 124% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Tune in for the first episode in our educational series where we consult experts in the field on many different technical disciplines. In our first episode, your host Tavis uncovers the fact that scientists, philosophers, and engineers have been predicting the eventual peak of oil production for decades, but each estimate has been incorrect. Was 2019 the year of peak oil? What are factors contributing to a decline in production? What are the newest estimates for peak oil? Tune in to Peak Oil: The Continuous Climb to find out!
- A New Basin Breakdown for the month of May is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Founded in 2007, Oasis Petroleum has done a stellar job of making a name for itself in the Williston Basin. How do they financially stack up to a past version of themselves and other peers in the area? Find out with RARE PETRO’s Energy Market Report Card! Or check it out in Video format HERE!
- 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.
- Our latest Periodical highlights the record-toppling, early-season heat waves well into the triple digits that have spread across the western portion of the United States straining electricity grids as a severe drought constricts hydroelectric power generation. As the summer months continue, electricity security is beginning to bear its ugly face yet again as states like California and Texas brace for a difficult season.
- Our latest episode of the Periodical Podcast is available now! Be sure to check out our discussion highlighting the record-toppling, early-season heat waves well into the triple digits that have spread across the western portion of the United States straining electricity grids as severe drought constricts hydroelectric power generation. As the summer months continue, electricity security is beginning to bear its ugly face yet again as states like California and Texas brace for a difficult season.
- As Always, A New Monday Madness Podcast!
- Is oil valuable? Depends on who you ask! Some argue it only became valuable when we learned how to use it. Join your host Tavis Kilian for episode five of Hydrocarbon History as he explores the birth of the modern oil and gas industry!
- Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises!
- Episode 11 (Tackling the Data Monster Pt. 2) of 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!
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