RP Weekly Recap | March 15 – 19
A report released this week by the International Energy Agency (IEA) stated that oil demand will recover 60% in 2021 but it will take until 2023 for demand to return to pre-COVID levels. This comes as the U.S. Energy Information Administration has reported crude builds for the fourth straight week, and despite OPEC’s intentions to withhold 8 to 9 million barrels per day. “Oil’s sharp rally to near $70 a barrel has spurred talk of a new super-cycle and a looming supply shortfall. Our data and analysis suggest otherwise. For a start, oil inventories still look ample compared with historical levels despite a steady decline from a massive overhang that piled up during 2Q20,” the agency said in its monthly report.
Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Johns Hopkins Covid-19 Map
- Number of Cases (Worldwide): 121,931,506 (up from 118,798,642 last week)
- Number of Cases (USA): 29,670,129 (up from 29,297,405 last week)
Financial & Economic Updates
U.S. Oil Market News
- Diamondback Energy, Inc. Completes Acquisition of QEP Resources, Inc.
- Four New Natural Gas Pipelines Come Online In The U.S.
- Biden’s Solar Energy Plan Has A Major Space Problem
- Colorado Oil and Gas Company Eyes Chapter 11 After Merger Debt Exchange Fails
- U.S. Overtakes Saudi Arabia As India’s No.2 Crude Oil Supplier
- Crude Oil Inventories Rose Yet Again As Refineries Struggle To Keep Up
- Texas Lawmakers Target Energy Discrimination
- Enerplus Closes Bruin Acquisition
- U.S. Braces For Expensive Gasoline This Summer
- The True Face of the North Face
Global Market News
- Mexico’s Pemex Boasts Billion-Barrel Oil Discovery
- First Study of All Amazon Greenhouse Gases Suggest The Damaged Forest Is Now Worsening Climate Change
- Saudi Arabia Must Prepare For More Attacks On Its Oil Industry
- The World Needs $131 Trillion In Clean Energy Investment By 2050
- Key oil market forecasts from the IEA’s Oil 2021 report
- EIA expects crude oil prices to rise through April because of lower OPEC production
- Subdued Chinese Demand Weakens Asia’s Spot Oil Market
- Global oil demand won’t return to pre-pandemic levels until 2023
- India Throws The Oil Tanker Industry A Lifeline
United States Rig Count
- Down (-1) from last week for a total of 402
- Down 49.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A NEW Basin Breakdown for the Month of February is available now! Be sure to check out the articles HERE and podcast HERE!
- Episode Fourteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Matt Showalter, Executive Chairman at Iron-IQ!
- Episode 11 (Tackling the Data Monster Pt. 2) 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!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering Wyoming’s battle against the temporary drilling moratorium and indefinite federal leasing ban enacted by the Biden Administration a few short months ago and why these actions are causing so much fear and uncertainty for hundreds of Wyoming workers and companies involved in oil and gas exploration and development.
- This week’s Periodical investigates the fear and uncertainty being experienced by hundreds of Wyoming workers and companies involved in oil and gas exploration and development. The lost jobs and revenue caused by Biden’s actions inhibit Wyoming’s ability to invest in new energy projects and generate revenue from future lease sales. In the longer run, Wyoming may find itself with no choice but to increase the costs of doing business with other energy sources in order to balance their budget.
- As Always, A New Monday Madness Podcast!
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