IEA dashes hopes of a new ‘super-cycle’ as premature

RP Weekly Recap | March 15 – 19

Summary

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!


COVID-19 Updates

COVID-19 Statistics

  • 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

Global Market News


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 UpdatesNews PulsePodcast

  • 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.


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