RP Weekly Recap | April 12 – 16

Summary

A price war may be looming in the global oil market as rising output from OPEC+ and the Middle East boosts the competitiveness of the region’s shipments, potentially forcing other suppliers to discount their barrels. The warning signs can be seen in the widening of a key price spread that’s used by traders to determine the affordability of cargoes from the Middle East against Brent-linked barrels. Right now, the gap is close to the widest it has been in more than 16 months, and that doesn’t bode well for oil that’s priced against Brent. 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): 139,316,352 (up from 134,200,330 last week)
• Number of Cases (USA): 31,508,668 (up from 31,023,288 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Another Round Of Power Shortages Grips Texas
• The U.S. Power Sector Has Reduced Emissions By 52%
• U.S. Oil Bankruptcies Shoot Up In Q1 2021
• Fracking Survives In California As Senate Blocks Bill
• The King Of Oilfield Services Is Back In A Big Way
• U.S. State And Local Officials Call On Biden To Ban New Oil Permits
• EIA Reports Significant Crude Draw
• Hess Sells Bakken Acreage to Enerplus for $321 Million
• U.S. Boosts Oil Exports To Canada
• Tensions Emerge Between Green Groups And Biden Over Dakota Access Pipeline
• BP Reportedly Selling Major Stake In U.S. Pipelines, Including Whiting Refinery
• Oil Demand Could Peak By 2026: Goldman Sachs

Global Market News

• Rising Middle East Production May Trigger A New Oil Price War
• Could A Comeback In Venezuelan Oil Crash The Markets?
• China’s Oil Imports Surge Ahead Of Refinery Maintenance Season
• Aramco To Sell Pipeline Stake To EIG For $12 Billion
• Big Oil Aims To Win Back Investors With Green Oil
• OPEC’s Bullish Demand Data Sparks Hope Of New Oil Rally
• The $7 Trillion Reason Saudi Arabia Is Cutting Oil Production
• Mexican Parliament Passes Law That Restricts Fuel Imports Of Private Companies
• Russia Begins Black Sea Drilling As Tensions Rise With Ukraine
• India’s Oil Demand Recovery Threatened By New Restrictions
• Shell To Exhaust Dwindling Oil & Gas Reserves By 2040
• Will Russia’s Oil Production Ever Return To Record Highs?
• The World Still Needs Hundreds Of Billions Of Barrels Of Oil **INTERESTING READ**

Employment Updates

• Retail sales spiked 9.8% in March and last week’s jobless claims fell to a pandemic-era low – something is working for the US economy, and that something is likely stimulus + vaccines

United States Rig Count

• Up 7 from last week for a total of 439
• Down 17.0% 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 March is available now! Be sure to check out the articles HERE and podcast HERE!

• Episode Three of our newest segment, Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn from the mistakes and successes of others. In the second episode, Tavis explores the historical significance of one of the most beloved energy sources of all time: Whales. 

• A new episode of the Periodical Podcast is available now! Be sure to check out our discussion as we give an update to our post-COVID global crude oil demand outlook projections taking into account an accelerated global vaccination campaign and a spreading travel bug.

• This week’s Periodical gives an update to our post-COVID global demand outlook projections. Now that global vaccination rollouts are in full force while a travel bug appears to be sweeping across the planet, how accurate were these previous expectations and what does the remainder of the year look like for global oil demand?

• 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) 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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