RP Weekly Recap | January 24 – 28

Summary

To welcome in the new year, the Permian set a new record-high daily production average for the month of January coming in at an impressive 4.92 million BPD. But, the good news doesn’t stop there as the EIA predicts the shale powerhouse could boost production even higher, to 4.996 million BPD this month and 5.076 million BPD in February. With skyrocketing production levels, that makes the Permian alone a bigger producer than any OPEC members except Saudi Arabia. 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): 367,641,103 (up from 322,242,878 last week)
• Number of Cases (USA): 73,535,865 (up from 64,533,959 last week)
• Statistics courtesy of Johns Hopkins

Financial & Economic Updates

U.S. Oil Market News

• Permian Oil Output Hits Record
• Federal Judge Cites Climate Crisis in Decision to Cancel Oil and Gas Leases in Gulf of Mexico
• Permian Super-Emitters Could Save $26 Million Per Year By Fixing Methane Leaks
• U.S. Natural Gas Prices Climb Most Ever In Single Day
• Exxon Vows To Have Net-Zero Carbon Emissions From Operations by 2050
• Texas RRC Weighs Earthquake Curbs on Another Swath of Permian Disposal Wells
• Civitas Commits to Plugging Orphaned Wells in Colorado
• Continental Resources Boosts Its Powder River Footprint
• Goldman Sachs Sees $105 Oil In 2023
• Energy Storage Could Emerge As The Hottest Market Of 2022
• IEA Turns Bullish On Oil, Raises Demand Growth Forecast
• Oil Slips After API Reports Third Gasoline Build In A Row
• U.S. Awards Fifth Exchange of Crude Oil from Strategic Reserves
• Declining U.S. Petroleum Inventories Push Oil Prices Higher
• U.S. Releases Another 13.4 Million Barrels From SPR
• Los Angeles City Council Votes To Ban Oil Drilling
• Tallgrass to Develop D-J Basin Carbon Sequestration Hub in Wyoming
• Chevron Rakes in $15.6 Billion in Annual Profits as Oil Prices Climb
• ConocoPhillips CEO Sees More Oil Industry Consolidation
• Evolution Petroleum Enters Williston Basin with Nonop Deal
• Maverick to Buy ConocoPhillips Permian Basin Assets for $440 Million

Global Market News

• Oil Jumps To Highest Level Since 2014 On UAE Drone Attack
• The Worst Is Yet To Come For UK Households As Energy Prices Soar
• Saudi Arabia: It’s U.S. Prerogative To Release Oil From Its SPR
• Stop Building Coal Plants Now: UN Chief
• Russia To Struggle With Oil Production Increase Under OPEC+ Deal
• Kazakhstan’s Oil Production Fully Recovered After Unrest
• Libya Oil Production Rebounds
• Trans Mountain Pipeline Back To Normal Operations After Two-Month Disruption
• Gazprom’s Gas Supply To Europe In January Drops To 2015 Low 
• Iraq-Turkey Pipeline Resumes Oil Flows After Explosion
• IEA ”Loses” 200 Million Barrels Of Crude Oil
• Turkey Hit By Unprecedented Power Outages As Iran Halts Gas Flows
• OPEC+ Set To Continue With 400,000 Bpd Production Increase
• UAE’s State Oil Firm Prepares For First Bond Issue
• Shell To Reduce Output At Europe’s Biggest Oil Refinery
• Kazakhstan Power Operator Cuts Crypto Miners Off The Grid

Employment Updates

• Texas Upstream Sector Jobs Increase For Eighth Month In A Row
• Weekly Jobless Claims Dip, Total 260,000 – the omicron variant of the coronavirus may be affecting the labor market

United States Rig Count

• UP 6 from last week for a total of 610
• Up 58.8% 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 December is available now! Be sure to check out the latest articles and Basin Breakdown Podcast! 

• Blended ethanol is something RARE PETRO has covered in the past, but 2022 could be a truly pivotal year for the fuel component. Why? Well, check out our latest Periodical to find out! 

• 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!

• A New Basin Breakdown for the month of November 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 Hollywood 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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