Expect the Unexpected

Posted: July 17, 2020
Category: News Pulse

RP Weekly Recap | July 13 – July 17


During the OPEC+ meeting on Wednesday, members made the decision to uphold the agreed upon production cuts from their April meeting. With 107% compliance with output cuts in June and economies restarting worldwide causing oil demand to quickly pick up steam, most experts expected a reduction in the agreed upon 7.7 million barrel per day cut for August. Sometimes you just have to expect the unexpected.

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 13,885,746 (up from 12,333,740 last week)
  • Number of Cases (USA): 3,604,408 (up from 3,140,840 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • Colorado Launches Yet Another Ballot Initiative For Greater Set-Backs From Hydraulic Fracturing Activities (Link) **IMPORTANT**
  • California Resources, One Of California’s Largest Oil Producers, Files For Chapter 11 Bankruptcy (Link
  • Hundreds of Colorado Oil and Gas Companies Won Approval For PPP Loans (Link)
  • Midstream Marketing Firm MidCon Gathering LLC is Suing Occidental Petroleum For Payment Of Crude (Link)
  • Alaskan Judge Dismisses Lawsuit Against Ballot Measure Group Seeking To Raise Oil Taxes (Link)

Global Market News

  • OPEC+ Eases Record Oil Cuts as Economy Recovers From Pandemic (Link)
  • Extending Production Cuts Would Be ‘Suicidal’ For OPEC (Link) *Ironic given the result* 
  • Talos Energy Receives Official Instruction From Mexico’s Minister Of Energy To Unitize The Zama Field Within 120 Working Days (Link)
  • Houthi Rebels Target ‘Giant Oil Facility’ In Saudi Arabia (Link)
  • The Most Desirable Crude Oil On The Market (Link)
  • Ireland Considers A Full Ban On Offshore Oil & Gas Drilling (Link
  • With Oil Cheap, Arab States Cannot Balance Their Books (Link) *Preview of Wednesday’s Periodical*

Employment Updates

  • Another 1.3 Million American Filed Jobless Claims Last Week – it was the 17th straight week that jobless claims have topped 1 million (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-5) in the last week 
  • Down 73.5% from one year ago


Content UpdatesNews PulsePodcast

  • Our newest endeavor, the Periodical Podcast is available now! Be sure to check out our discussion relating to this week’s periodical on the recent Federal Bailout of the Oil and Gas Industry!  (Link)
  • This week’s periodical uncovers the details of the federal bailout of the oil and gas industry and why there was so much opposition to support an industry that was struggling long before the dual black swan events of the coronavirus and price war. Be sure to check out: Did the Federal Bailout Simply Delay The Inevitable for Oil and Gas Companies? (Link)
  • As Always, A New Monday Madness Podcast! (Link)

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