RP Weekly Recap | February 8 – 12
Everyone needs a win every now and again, especially when they have been battered for so long. That is exactly what happened this week when oil prices posted their longest “winning streak” in two years, gaining ground for eight straight days. Even though the world is beginning the slow and gradual transition to renewable energy, it seems markets have realized societies current reliance on fossil fuels. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 107,969,754 (up from 105,048,430 last week)
- Number of Cases (USA): 27,412,787 (up from 26,700,945 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Oil Prices Post Longest Winning Streak In Two Years
- EIA Projects Renewables Share Of U.S. Electricity Generation Mix Will Double By 2050
- ExxonMobil Doubles Down on Carbon Capture in $3-Billion Plan To Lower Emissions
- Equinor Sells Its U.S. Onshore Assets In The Bakken
- Oklahoma Governor, Kevin Stitt, Signs Executive Order “To Protect Our Oil And Gas Industry From A Washington Power Grab”
- Chair Of The Senate Energy Committee, Senator Joe Manchin, Asks Biden To Reconsider Ban On Keystone XL
- Massachusetts Climate Official Proposes Targeting Regular People Who Heat Their Homes: “We Have To Break Your Will”
- Biden Faces Calls To Shut Down Dakota Access Pipeline
- Experts Say Biden’s Energy Policies Will Drive Up Electricity Prices In The U.S.
- EIA Reports Major Crude Draw
- Simul-Frac Gains Momentum in U.S. Shale, Cuts Completion Times In Half
- Bill Gates-Led Fund Backs Tech to Use Natural Gas Without the Carbon Impact
- U.S. Sells Seized Iranian Fuel As It Looks To Detain Another Oil Tanker
Global Market News
- Amazon To Buy Half The Energy Produced By Huge Offshore Wind Farm In The Netherlands
- Qatar Approves World’s Largest LNG Project Including CO2 Capture And Sequestration
- UAE Aims To Quadruple Its Solar Capacity By 2025
- Sobering Science Shows World Is Woefully Behind On Paris Climate Goals
- Exxon To Close Australian Refinery
- France’s Supermajor Total Sees 10 Million Bpd Supply Gap In 2025
- Shell Claims World Reached Peak Oil Production in 2019
- China Imports 11.12 Million Bpd Of Oil In January
- Russian Oil Giant Rosneft Sees Profits Slide 79% In 2020
- Saudi Aramco Looks To Lure Buyers To Pipeline Unit With $10B Loan
- Gazprom Plans To Start Nord Stream 2 Gas Pipeline This Year
- Marathon Oil Lays Off 5% Of Workforce As Part Of Cost-Cutting Plans
- Shell To Freeze Staff Salaries And Warns Company May Shed As Many As 9,000 Jobs Over The Next Two Years
- SBM Offshore Sheds Hundreds of Jobs
- A Full Recovery Of Jobs Is Years Away – the economy’s output will likely reach pre-pandemic levels by mid-year but the millions of jobs lost will take much longer to recoup
United States Rig Count
- UP 5 from last week for a total of 397
- Down 49.7% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode 9 (3-D Printing) 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!
- Episode Ten of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Professor and the Department Head for the Petroleum Engineering Department at the Colorado School of Mines, heavily decorated SPE member and well published academic, Dr. Jennifer Miskimins!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion as we conclude our series covering President Joe Biden’s Energy Policy where we will dive into his official Presidential Energy Policy and how these policies will begin to morph the global energy industry.
- This week’s Periodical completes our three part series investigating President Joe Biden’s Energy Policy and his plan for a Clean Energy Revolution. In this final segment, we highlight how Joe Biden has placed climate change at the center of U.S. national security and foreign policy by utilizing a whole-of-government approach and what his Energy Policy means for the global energy industry.
As Always, A New Monday Madness Podcast!
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