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!
- 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
- California Oil Producer Berry Corp. Explores Sale, Sources Say
- U.S. to Release Oil Reserves as Biden Tackles High Pump Prices
- BP Acquires RNG Producer Archaea Energy for $4.1 Billion
- U.S. Plans to Ease Venezuela Sanctions, Enabling Chevron to Pump Oil
- U.S. Oil Exports To France Fall To Zero Amid Refinery Strikes
- Diamondback to Acquire FireBird Energy in Midland Basin for $1.6 Billion
- EOG Resources Pays $847 Million to Settle Q3 Hedges
- Continental Resources Agrees to Harold Hamm’s Boosted Take-private Offer
Global Market News
- U.S. Senate Panel Advances Bill to Rein in OPEC+ Over Oil Output Cut
- OPEC+ Agrees to Biggest Oil Production Cut Since Start of Pandemic
- Nord Stream Investigation Finds Evidence of Detonations, Swedish Police Say
- EU Seeks Power to Set Emergency Cap on Gas Prices
- LNG Freight Rates Hit $450,000 a Day as Russia Disrupts Fuel Supplies
- Tankers Line Up Off Europe’s Coast Waiting for Gas Prices to Rise Again
- Shell Resumes Oil Flows From Key Nigerian Terminal
- Employers Added 263,000 Jobs in September – slightly less than expectations but confirming the job market is still healthy
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
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- A New Basin Breakdown for the month of August is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- 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.
- As Always, A New Monday Madness Podcast!
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