One Day at a Time. One Step at a Time.

RP Weekly Recap | June 1 – 5

Summary

Global oil prices have risen to their highest levels since March on talks of OPEC+ planning to extend production cuts during their Saturday meeting. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with Iraq over its compliance, paving the way for the agreement’s extension into July instead of tapering them. As the world attempts to return to a new normal, we must take things one day at a time, one step at a time.


COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 6,694,512 (up from 5,867,727 last week)
  • Number of Cases (USA): 1,880,703 (up from 1,725,656 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • The Energy 202: Big Oil Could End Up Even Bigger By The End of The Coronavirus Pandemic (Link) **INTERESTING READ**
  • Only Six Drilling Rigs Are Operating in Colorado, the Fewest in 28 Years, As Companies Face Critical Financial Hurdles and Increasing Regulation (Link
  • Oil Majors Scramble To Evacuate Platforms In Gulf Of Mexico (Link)
  • Oil’s Comeback Uplifts US Shale, Complicates OPEC+ Task (Link
  • U.S. States Just Lost Pipeline Veto Rights And That’s A Big Deal For Oil (Link)
  • Texas Shale Driller Concho Takes $12.6 Billion Charge, Citing Coronavirus Impacts (Link)
  • U.S. Oil Drillers Restart Production As Prices Recover (Link

Global Market News

  • Big Oil’s Race To Net Zero (Link) **MUST READ**
  • OPEC Compliance With Output Cuts Was Only 74% In May (Link)
  • Russia Declares State of Emergency After Oil Spill Turns River Red (Link)
  • China’s Crude Oil Imports Rebound To Near Record High (Link)
  • Saudi Arabia And Russia Agree To Extend Production Cuts (Link
  • India Looking To Join Australia To Store Oil in the US Petroleum Reserve (Link)
  • What’s Holding Natural Gas Prices Back? (Link)
  • COVID Crude Price Crash Gives Oil Firms ‘Years, Not Decades’ to Reshape (Link)
  • The Oil Price Collapse Is Already Over (Link)

Employment Updates

  • New Mexico Orphan Well Stimulus Would Employ Displaced Workers (Link
  • 1.9 Million More Americans Filed for Jobless Claims Last Week – The number of claims released Thursday is the lowest weekly figure since the coronavirus started spreading widely in the U.S. (Link

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-17) in the last week 
  • Down 71% from one year ago

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RARE PETRO Updates

Content UpdatesNews PulsePodcast

  • Our third installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with industry leader, philanthropist, and retired oil and gas executive; Timothy Marquez! (Link
  • Commodity Supply Balance: How Production Cuts have Caused Bullish Sentiment on Commodity Markets (Link)
  • As Always, A New Monday Madness Podcast! (Link)

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