RP Weekly Recap | February 10-17
Despite surprisingly robust production and exports, bans and price controls aimed at Russian oil are having the “intended impact,” according to the International Energy Agency. Due to the widening gap between the prices of Russian Urals oil and Brent crude, the IEA anticipates additional declines in Russian exports and production in the upcoming months. In 2023, the growth of the world’s oil demand is anticipated to ramp up, with China contributing significantly to the anticipated rise. Due to the oil embargo and price restrictions imposed by the West, oil deliveries are anticipated to increase by 1.1 million barrels per day in 2023; nonetheless, additional crude supplies are required to prevent stock withdrawals.
Financial & Economic Updates
U.S. Oil Market News
- Republican Senators Oppose New Environmental Regulation on Heavy-Duty Trucks
- Biden’s Declared War on Oil and Gas Hits Home Hard in West Texas’ Permian Basin
- U.S. oil & gas rig count falls for the second time in three weeks
- Alaska Carbon Plan: Boost State Coffers Without Cutting Oil
Global Market News
- U.K.’s FTSE 100 scaling fresh highs despite the cost of living crisis
- Oil prices rise after Russia says it will cut output
- Sanctions on Russian oil are having the ‘intended effect,’ IEA says
- Russia Vows Oil Production Cuts, Compounding Natural Gas Retaliation Against Europe
- Employers added 517,000 jobs in January – unemployment continues to drop!
United States Rig Count
- Down 1 rig from last week for a total of 760
- Up 17.8% 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 January is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
- Grab a drink and join us for our Thirsty Thursday: An Inventory Report to stay up to date on all the weekly oil and gas numbers
- As always, here is a new Monday Madness podcast!
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