“Guardian Of The Industry”

Posted: January 8, 2021
Category: News Pulse

RP Weekly Recap | January 4 – 8


After failing to come to a consensus Monday, Tuesday’s extension of the OPEC+ meeting ended at long last with a solution. The meeting saw members of the OPEC+ group agree to lift oil production by 75,000 barrels per day over January levels. But there was also a surprise twist that sent oil prices soaring. Saudi Arabia announced they would voluntarily cut an additional 1 million barrels per day in February and March above its current cuts while its OPEC+ allies get to ramp up production. “We are the guardian of this industry,” Saudi Energy Minister Prince Abdulaziz bin Salman said as he gleefully announced the cut on Tuesday. He emphasized that the decision was made unilaterally by Crown Prince Mohammad bin Salman himself. Such actions caused crude prices to jump to a 10-month high and adds stability to an ever imbalanced market. Check out this story and more in this week’s recap of all things happening in oil and gas!

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 88,389,886
  • Number of Cases (USA): 21,644,957
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

  • Diamondback Buys West Texas Shale Driller QEP Resources (Link)
  • 5,000-Well Wyoming Oil And Gas Project Gets Green Light; Could Create 8,000 Jobs (Link
  • Alaskan Wilderness Opens Up For Oil Exploration (Link
  • Little Industry Interest In ANWR Oil And Gas Lease Sale (Link
  • Exxon Signals 4th Consecutive Quarterly Loss (Link
  • In 2020, U.S. Natural Gas Prices Were The Lowest In Decades (Link)  
  • Colder Winter Provides Welcome Boost for Energy Prices (Link)   
  • Oil Jumps On Massive Crude Inventory Draw (Link)
  • Shale CEOs Urge Production Restraint (Link)
  • Cenovus Combines with Husky (Link)
  • Ineos Buys BP Chemical Businesses for $5B (Link)
  • New Plans For Crude Oil Rail Traffic Over Colorado’s Tennessee Pass Spark Protest From Grain-Hauling Competitor (Link)  
  • Peak Oil Is Suddenly Upon Us (Link) **INTERESTING READ** 

Global Market News

  • OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia (Link
  • The Real Price of Saudi Arabia’s Surprise Oil Cuts (Link
  • For The First Time In 35 Years, Crude Oil Flow From Saudi Arabia To U.S. Fell To Zero (Link
  • Bank Boosts 2021 Oil Price Forecast by $7 (Link)
  • Exxon Guyana Well Hits 120,000 Bpd Milestone (Link
  • Cambodia Begins Oil Production, But Who Will Benefit? (Link
  • OPEC Production Rose Last Month (Link
  • Petrobras Oil Output Hits Record as Most Peers Reel From Crash (Link
  • Executives Predict 2021-End Oil Price (Link)  
  • Scientists Find Way To Convert CO2 Into Jet Fuel (Link)    

Employment Updates

  • Halliburton To Lay Off Hundreds Of Texas Employees (Link)  
  • Job Market Suffers Sharp Drop of 140,000 Jobs in December – the year ended on a sour note for the labor market (Link)

United States Rig Count

  • UP 9 from last week for a total of 360
  • Down 53.9% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • Episode 7 (Digital Reality) 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!
  • Our ninth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with David Forsberg, Chief Financial Analyst and Managing Partner for Ascent Energy Ventures HERE!
  • A new episode of the Periodical Podcast is available now! Be sure to check out our updates on our November predictions on the future of the Natural Gas Market and what the future holds in 2021! (Link
  • This week’s Periodical revisits November predictions for the Natural Gas Market after natural gas prices soared to a 19-month high. After such impressive upward price movements, the RARE PETRO team predicted prices would sustain near the $3 per MMBtu range for the final months of 2020 and into 2021. With a cold winter ahead, a historic Hurricane season in full swing, depressed oil production, and soaring LNG exports; the gas futures market appeared to have plenty of price support to maintain its upward momentum into the foreseeable future. Unfortunately, the final months of 2020 were fairly lackluster for the surging gas market but luckily, the new year brings new hope for the struggling sector. Be sure to check out Natural Gas Update – The Delayed Bull Market! 
  • As Always, A New Monday Madness Podcast! (Link)  
  • We are reaching deep into the content vault to bring out some interviews that occurred a couple of years ago. Welcome to the Industry Leader Legacy Series where we will kick off with Dr. Charles Kohlhaas. Dr. Kohlhaas has over 60+ of oilfield experience and skills ranging from technical to teaching. Nowadays he spends his time putting his expertise towards consulting. Even though lots has changed in the years since this was recorded, his knowledge and expertise stands. Part 2 focuses on the lasting effects of the oil embargo, the development of oil contracts, and how Dr. Kohlhaas predicted the future of the energy sector would evolve and Part 3 focuses on what policy changes Dr. Kohlhaas sees as beneficial and how the U.S. energy policy interacts with those of other countries.

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