RP Weekly Recap | May 17 – 21
The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report “Net Zero by 2050 – A Roadmap for the Global Energy Sector”, the IEA suggests the world cannot make any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050. According to the report, by the end of 2021, governments should refuse to approve any new oil and gas fields, as well as any new unabated coal power plants and by the end of 2025, new sales of fossil fuel boilers should be phased out. Those are just a few of the more than 400 milestones in the IEA’s report that was released Tuesday, laying out a roadmap the world should follow to reach net-zero carbon emissions by 2050. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 165,660,046 (up from 156,233,888 last week)
- Number of Cases (USA): 33,060,909 (up from 32,880,252 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- Six-Year High Margins Prompt U.S. Refiners To Boost Gasoline Production
- U.S. Power Sector Is Already Halfway to Zero Carbon Emissions
- U.S. Residential Energy Use Fell 4% In 2020 Despite Lockdown
- Natural Gas Prices Jump On Warmer Weather
- Quick Rise In U.S. Natural Gas Prices To Boost Coal Demand
- New Mexico Oil Boom Could Stick Taxpayers With $8.4 Billion Bill
- Big Oil Scores Win In Supreme Court
- EPA Orders Shutdown Of Caribbean Refinery
- Empire Petroleum Closes Acquisition of XTO Permian Basin Assets
- White House Environmental Justice Advisers Express Opposition to Nuclear, Carbon Capture Projects
- EIA Reports Minor Crude Inventory Build
- The U.S. Waives Sanctions on Russia’s Nord Stream 2 Pipeline to Germany
- Oasis Petroleum Exits Permian Basin in Sale Worth over $480 Million
- Oil Headed For Biggest Weekly Drop Since March
Global Market News
- Net Zero by 2050 – A Roadmap for the Global Energy Sector
- IEA Drops Bombshell Report On Oil And Gas
- To Be Carbon-Neutral By 2050, No New Oil And Coal Projects, Report Says
- OPEC Slams IEA’s Net-Zero Report As ‘Destabilizing’
- OPEC’s Oil Exports Are Surging By 1 Million Bpd In May
- Shell Says Nigerian Oil Operations Are Incompatible With Net-Zero Plans
- Colombia’s Oil Industry Is On The Brink Of Collapse
- New Fortress Energy Acquires Maersk Jackup Rigs in $31 Million All-cash Deal
- Oil Markets Optimistic As Air Travel Starts To Recover
- Offshore Wind Requires 63,000lbs Of Copper Per Turbine
- Venezuela’s Crumbling Oil Industry Is An Environmental Nightmare
- The UK’s Brilliant Plan To Repurpose Abandoned Coal Mines
- Iran’s President Rouhani Claims Sanctions Will Be Lifted
- China Bans Teslas At Government Compounds
- Europe’s Oil Demand Gets a Boost as Drivers Hit the Roads Again
- New Jobless Claims Fell to Another Pandemic-Era Low of 444,000 Last Week – relatedly, 22 states, all with GOP governors and state legislatures, will stop distributing the $300/week in extra unemployment benefits provided by the federal government beginning in June
United States Rig Count
- Up 2 from last week for a total of 455
- Up 42.7% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Chevron is no newbie to the oil and gas business, but how do their financials stack up to peers in the industry and their own financial history over the last three years? Find out with RARE PETRO’s newest segment, Energy Market Report Card. Or, check out the review in Video Format!
- A New Basin Breakdown for the month of April is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Episode Four of Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn about hydrocarbon’s role in food security.
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion uncover the first-quarter losses of Domestic E&P Companies as a direct result of hedging programs that erred on the side of caution that now leave many hemorrhaging.
- This week’s Periodical uncovers the anticipated $7 Billion in first-quarter losses of Domestic E&P Companies as a direct result of hedging programs in an investigation into which companies choose to hedge early for guaranteed revenue protection and those that hold out or hold off to risk the market volatility in hopes of even more revenue.
- Episode Fifteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Debra Hall, President and CEO of Elementale Enterprises!
- Episode 11 (Tackling the Data Monster Pt. 2) of 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!
- As Always, A New Monday Madness Podcast!
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