RP Weekly Recap | November 30 – December 4
After much debate, the OPEC+ group finally reached an agreement on oil production for next year. Or at least for January. On Thursday, OPEC and its allies agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the group would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. While this is not quite the result the world was looking for, at least it is steps in the right direction. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 65,552,911 (up from 57,204,849 two weeks ago)
- Number of Cases (USA): 14,190,671 (up from 11,766,529 two weeks ago)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
US Oil Market News
- COVID Forces Exxon To Slash Oil Price Forecast (Link)
- Chevron Slashes Spending Plans Following COVID Crisis (Link)
- EIA Reports Inventory Draw Two Weeks Straight, Still Above 5-Year Range (Link)
- Colorado Approves Stricter Rules For Oil & Gas Drilling (Link)
- NextTier and NOV Field Test Their First Electric Fracturing Fleet (Link)
- Halliburton Commits to Lower Emissions (Link)
- ExxonMobil Shelves 2020 Bonuses (Link)
- S&P Global Agrees to Buy IHS Markit for About $44 Billion (Link)
- Wyoming Governor’s Energy Rebound Program Supports More Than 5,000 Jobs; More Funding Allocated (Link)
- U.S. Oil Production Doesn’t Grow at $45 a Barrel, BNEF Says (Link)
- Alaska’s Oil Exports Double Amid Strong Chinese Demand (Link)
- U.S. Coal Output Capacity Has Plunged 28% Since 2009 Peak (Link)
Global Market News
- OPEC+ Finally Reaches Deal On 2021 Oil Output Cuts, Agree to Gradually Increase Production After Days of Discussion (Link)
- OPEC+ Forced To Reschedule Meeting As Disagreements Persist (Link)
- An Energy Trade War Is Brewing Between China And The U.S. (Link, Link)
- Saudi Oil Exports To U.S. Slump To 35-Year Low (Link)
- Venezuela’s Oil Exports Double in November As Mysterious New Buyers Emerge (Link)
- Saskatchewan Driller Hits “Gusher” With Ground-Breaking Geothermal Well That Offers Hope For Oil Workers (Link)
- Equinor Gearing Up For Fresh Barents Sea Well (Link)
- Iran’s Foreign Minister: “No Renegotiations On Nuclear Deal With Biden Period” (Link)
- Oil and Natural Gas Are Our Best Bet For Continued Economic Recovery (Link)
- Middle East Oil Producers Are Drowning In Debt (Link)
- European Utility Giant To Invest $190 Billion In Renewable Infrastructure (Link)
- Saudi Aramco’s Landmark IPO Is Costing The Kingdom Billions (Link)
- Electric Cars Aren’t Clean — And It’s Time The Industry Is Honest About It (Link) **MUST READ**
- Conoco Warns of 500 Houston Job Cuts (Link)
- Employers Added 245,000 Jobs in November as Hiring Slows Amid Surge in Coronavirus – the slowdown in hiring reflects the growing spread of the coronavirus (Link)
US Rig Count
- UP 3 from last week for a total of 323
- Down 59.5% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode 6 (Blockchain) 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!
- 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 US energy policy interacts with those of other countries.
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion on new air quality regulations enacted at a state level to create stricter regulations on emissions, air quality, and flaring rules. (Link)
- This week’s Periodical uncovers the fact that impacts from oil and gas development on air quality are a growing issue across the United States. With the federal government taking a bit of a step back on these issues, several states have made significant changes to create stricter regulations on emissions, air quality, and flaring rules. Be sure to check out Recent Air Quality and Flaring Changes!
- As Always, A New Monday Madness Podcast! (Link)
- A NEW Basin Breakdown for the Month of October is available now! Be sure to check out the articles HERE and the podcast HERE!
- Our eighth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with the co-founder and CEO at Cemvita Factory, networking extraordinaire Moji Karimi HERE!
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