RP Weekly Recap | February 22 – 26
On the precipice of another historic meeting between the Organization of the Petroleum Exporting Countries and their allies (OPEC+), leaders will discuss the possibility of increasing oil production levels. Since many countries in the group are dependent on oil revenues, some are wary of another price crash while others are concerned about the wellbeing of their country. Nonetheless, tensions are high and sideline members including the United States have attempted to intervene. Check out these stories and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 113,207,169 (up from 110,498,364 last week)
- Number of Cases (USA): 28,423,994 (up from 27,908,859 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Shale No Longer Threatens OPEC, Says Pioneer CEO
- U.S. Has Officially Rejoined The Paris Climate Accord
- Bill Gates: Nuclear Power Will Be Needed For Cleaner Energy
- Frac Spread Count Across The U.S./Alberta Market Fell From 161 to 41 In A Week
- Occidental Petroleum Continues Smaller Drilling Plan In The Rockies, Elsewhere
- Colorado’s New Oil And Gas Laws Could Be An Example The White House Follows
- Natural Gas Production Plunged 45% During The Texas Freeze
- 4 Minutes, 37 Seconds: That’s How Close Texas Came To Complete Grid Failure
- Texas Refinery Restarts Could Take Until April
- Over 20 Years, Texas Electric Bills Were $28 Billion Higher Under Deregulation
- EIA Reports Minor Crude Build
- Natural Gas Price Action Muted After EIA Reports Second Largest Storage Withdrawal on Record
- Car Chip Shortage Shines Light On Fragility Of U.S. Supply Chain
- Copper Prices Soar To 10-Year Highs – See RP Periodical “Dr. Copper – An Oil Price Indicator”
Global Market News
- OPEC+ Considers Production Increase At March Meeting
- U.S. Air Strikes In Syria Target Iranian-Backed Militia
- Exxon Reserves Plunge 32% After Historic Oil-Price Collapse
- Natural Gas Is Driving Decarbonization In India
- Exxon Sells UK North Sea Oil, Gas Assets For Over $1 Billion
- Iran To Receive $1 Billion In Oil Funds Previously Blocked By Sanctions
- Shell Sees LNG Demand Nearly Doubling By 2040
- Russia’s Answer To The U.S. Shale Threat Is Finally Here
- Spanish Utility Giant Iberdrola Plans To Invest $182 Billion To Triple Its Renewable Capacity By 2030
- Iran Under Fire For Undeclared Nuclear Materials
- Jet Fuel Demand Is The Only Thing Holding Oil Back **INTERESTING READ**
- Unemployment Claims Fell To A Three-Month Low But Are Still Riding High At 730,000 New Applications – roughly 19 million U.S. workers are receiving benefits
United States Rig Count
- UP 5 from last week for a total of 402
- Down 49.1% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode 10 (Tackling the Data Monster Pt. 1) from our newest segment, the Modern Mobile Oilfield is available now! This series is a collaborative effort between world renowned author Geoffrey Cann and RP host Tavis Killian that will expand on topics covered in the book “Bits, Bytes, and Barrels”. This new segment is aimed at energy professionals at any level who are looking to better understand the future of a digital oilfield, and potentially implement these technologies into their company’s workflow. Be sure to watch or listen on all available platforms!
- A NEW Basin Breakdown for the Month of January, and the first Basin Breakdown of 2021, is available now! Be sure to check out the articles HERE and podcast HERE!
- A new episode of the Periodical Podcast is available now! Be sure to check out our discussion covering the ongoing battle between the Biden Administration and the Governor of Oklahoma over federal leasing regulations and Oklahoma’s right to produce their natural resources.
- This week’s Periodical covers President Joe Biden’s executive order to indefinitely ban lease sales for oil and gas development on all federal lands and offshore waters and why Oklahoma’s Governor is going to bat for his state. While there is no certainty Oklahoma will be able to ignore or become exempt from Biden’s executive order, they can certainly let policy makers in Washington, D.C. know the problems that the new restrictions will cause.
- Episode Twelve of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Founder and CEO of Ethical Energy, Deb Ryan!
- As Always, A New Monday Madness Podcast!
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