NOPEC Calls it Price Collusion

Posted: October 21, 2022
Category: News Pulse

RP Weekly Recap | October 17 – 21


In early October, OPEC and its Russia-led allies agreed to slash output by two million barrels of oil a day, a move likely to push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine. The cut, the largest since the start of the Pandemic, sparked a response from a U.S. Senate committee as they quietly advanced a bill that seeks to rein in OPEC+. If passed by both chambers of Congress and signed by Biden, NOPEC would change U.S. antitrust law to revoke the sovereign immunity that has protected OPEC+ members and their national oil companies from lawsuits over price collusion. While it is unclear exactly how a federal court could enforce judicial antitrust decisions against foreign countries, it appears NOPEC is taking a stance against Russia. 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): 627,141,839 (up from 617,451,613 last week)
  • Number of Cases (USA): 97,156,285 (up from 96,354,363 last week)
  • Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

Global Market News

Employment Updates

United States Rig Count

  • Up (2) from last week for a total of 771
  • Up 42.2% from one year ago
  • Statistics courtesy of Baker Hughes


Content UpdatesNews PulsePodcast

  • U.S. oil production has been buoyed since 2022 by DUCs – drilled but uncompleted wells. These wells have been drilled but not yet stimulated and brought onto production. Reaching a peak in 2020 of about 9,000 wells, the U.S. DUC inventory currently stands at about 4,500 wells. Due to increased drilling activity, American DUC inventories are flattening even though the national DUC inventory grew by 16 wells in August of 2022. The question becomes: will diminishing DUC inventories and a depleted SPR drive higher oil prices? Find out in this week’s Periodical!

  • Grab a drink and join us for our newest segment, Thirsty Thursday: An Inventory Report to see if we’ve been poured another tall glass of crude and whether or not the U.S. was thirsty enough to suck down another round. 

Click below to subscribe to the RARE
PETRO Podcast Network or visit

The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise

Send Us a Message

Rare Petro Logo

1224 Washington Ave,
Suite 10
Golden, CO 80401

(720) 772-7371

Rare Petro Logo


Oil & Gas News Pulse


You have Successfully Subscribed!