RP Weekly Recap | November 29 – December 3

Summary

OPEC and its allies agreed to stick to their existing policy of monthly oil output increases despite fears that a U.S. release from crude reserves and the new Omicron coronavirus variant would lead to a fresh oil price rout. The decision forced benchmark Brent prices to fall more than $1 after the deal was reported, before recovering some ground to trade around $70 a barrel. It is now well below October’s three-year highs above $86 but still more than 30% up from the start of 2021. 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): 264,438,500 (up from 256,395,565 last week)
• Number of Cases (USA): 48,833,401 (up from 47,539,865 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• More Oil Now, Less Oil Later: Biden’s Tricky Message on Energy
• Biden Administration Considers Ban On U.S. Oil Exports
• U.S. Strategic Oil Reserves Could Fall By 50% Over The Next Decade
• Biden’s Blunder Could Send Oil Prices To $100
• Texas Adopts Rules for Natural Gas, Power Coordination after February Freeze
• Cushing Crude Inventories Are Rising As Oil Prices Fall
• US Senator Warren Lashes Out at Energy Companies Over Natural Gas Prices
• As American Gasoline Prices Soar, Some Blame Ethanol
• Refiner Phillips 66 Signs Renewable Jet Fuel Deal With British Airways 
• Goodrich Petroleum Agrees to $480 Million Sale to Paloma
• Exxon to Continue Leaner Spending as Covid-19 Threat Lingers
• Oil Companies Got Their Hedges Clipped **MUST READ** 

Global Market News

• OPEC+ To Add 400,000 Bpd In January Despite Oil Price Plunge
• Guyana To Become The 11th Country To Produce Over 1 Million Bpd
• Energy Crisis Claims Its Biggest Victim In The UK Yet
• OPEC+ Warns of Response as Biden Poised for Oil Reserve Release
• OPEC+ Vows To Respond If Countries Tap Their Oil Reserves
• Germany Urges Congress Not To Sanction Nord Stream 2
• Brazil’s Oil Major Plans To Invest $68 Billion In Boosting Production
• OPEC Misses Its Oil Production Target Once Again
• Oil Prices Projected To Hit $125 In 2022
• European Oil Majors Doubled Spending On Low-Carbon Energy Sources
• Could Suriname Become The Next Oil Hotspot In Latin America?
• Belarusian President Threatens To Halt Transit Of Energy Products From Russia
• UAE Sees No Logic in It Pumping More Oil Now, Says Energy Minister

Employment Updates

• The Oil Industry Is Facing A Labor Shortage
• Hundreds Of UK Offshore Workers Set To Strike Next Week
• Job Growth Disappoints in November With Only 210,000 Jobs Added – the number was well below estimates

United States Rig Count

• UP 0 from last week for a total of 569
• Up 76.1% from one year ago
• Statistics courtesy of Baker Hughes

RARE PETRO Updates

Content Updates – News Pulse – Podcast

• Episode Seventeen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Cary Stockdell, CEO of Stockdell Stringer Leadership Solutions!

• Curious about the facts and story behind the recent oil spill in California? Check out Part 1 and Part 2 of our series covering the story!  

• A New Basin Breakdown for the month of October is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• RARE PETRO is the tik talk of the town! Short-form content to educate both the public or industry professionals is available NOW! Check out our latest Tik Tok Video uncovering what Holywood does not understand about a blowout. 

• RARE PETRO and Rainmaker GBD collaborate on a monthly newsletter highlighting everything you need to know about the energy sector. This is a video interview with RARE PETRO’s Anthony McDaniels as he speaks on the biggest stories and dives a little bit deeper into supporting data. Welcome to the second edition of “Side Chat”. 

• 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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PETRO Engineering, PLLC via the linked sources unless otherwise
noted.