RP Weekly Recap | July 18 – 22

Summary

Ahead of Russian President Vladimir Putin’s visit to Iran, Russian Gazprom and the National Iranian Oil Company inked a $40-billion agreement for the joint development of oil and gas fields. The Iranian National Oil Company is calling the deal the “largest foreign investment commitment on record” in Iranian oil industry history, claiming that the Russian investment represents one-quarter of all oil sector investments in the country from now until 2025. The groups signed the $40-billion Memorandum of Understanding (MOU) will see Gazprom assist Iran’s state oil company in the development of both oil and gas fields and the construction of LNG project pipelines and paves the way for energy swap deals between the two countries. 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): 568,441,132 (up from 548,197,791 last week)
• Number of Cases (USA): 90,276,150 (up from 87,756,244 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Biden Set to Announce Executive Measures on Climate: White House
• Cheniere Energy Authorizes Expansion at Texas LNG Export Plant
• Biden Crackdown on Permian Pollution to Curb Crude Output, Industry Warns
• Biden Fails To Secure Firm Pledge From Saudis For Oil Production Boost
• Even ESG Funds Are Now Buying Big Oil Stocks
• Democrats Urging Biden to Declare Climate Emergency
• U.S. Initiates Trade Fight With Mexico Over Energy Policy

Global Market News

• Russian And Iran Ink $40 Billion Oil And Gas Agreement
• OPEC Will Struggle To Balance Supply And Demand In 2023
• Putin’s Gas Game: Toy With Europe’s Supply and Make Its Leaders Squirm
• China’s Fuel Exports Plunge
• Putin Says Russia to Meet Gas Commitments to Europe but Warns of Further Disruptions
• Putin Discusses Oil Market with Saudi Crown Prince Days after Biden’s Visit
• Saudi Arabia Reveals Oil Production Capacity Limits
• Could Russia Avoid Sanctions With Its Own Oil Benchmark?
• Armed Guards Raid Libyan National Oil Company As Political Shakeup Escalates
• Europe Rolls Out Plan to Conserve Gas Amid Fears Russia Will Tighten Taps

Employment Updates

• U.S. Employers Added 372,000 Jobs in June – Unemployment at 50-Year Low

United States Rig Count

• Up 2 from last week for a total of 758
• Up 54.3% 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 June is available now! Be sure to check out the latest articles and Basin Breakdown Podcast!
•  
• A new segment has arrived! Join RARE PETRO’s Anthony McDaniels and Tavis Kilian for a quick analysis of what may be hiding in the headlines in our newest series, The Wacky World of Energy! 

• Today marks the second day of the Nord Stream 1 being down for maintenance. Russia let everyone know ahead of time that it would be down from July 11 to July 22, but what exactly does pipeline maintenance entail? Dozens of countries have thousands of miles of infrastructure sprawling across the globe, and ensuring the pipeline operates correctly is not only important for the environment, but for the safety of everyone involved. Our latest Periodical will explore failure modes, maintenance frequency, and other aspects of making sure these fluid highways are functioning properly.

• 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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