RP Weekly Recap | March 29 – April 2
Following hectic trade movements on Thursday, oil prices settled with gains of more than 3% for the day after OPEC+ signaled with its latest oil production decision that it believes in the global oil demand recovery through the summer. According to sources, OPEC+ is considering increasing output by 350,000 barrels per day in May, 350,000 bpd in June and 400,000 bpd in July while Saudi Arabia is preparing to support extending cuts into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 129,828,041 (up from 125,698,834 last week)
- Number of Cases (USA): 30,558,054 (up from 30,096,139 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Gasoline Demand Exceeds 2020 Levels For First Time In 2021
- Permian Methane Intensity Falling As Oil, Natural Gas Industry Paves Road To Net Zero
- Pioneer Buys Texas Oil Company For $6.4 Billion
- Ovintiv To Sell Eagle Ford Assets To Validus Energy In $880M Deal
- U.S. Calls On Saudi Arabia To Ensure Supply Of Affordable Energy
- Why The U.S. Senate Is Looking To Support Carbon Capture And Storage
- U.S. Gasoline Prices Rose For 17 Straight Weeks As Oil Rallied
- Wind Power Industry Set To Install 1 TW New Capacity This Decade
- EIA Reports Surprising Crude Draw
- Poll Reveals U.S. Pipelines Aren’t Actually Unpopular
- Biden Plans $2.25 Trillion Spending, Corporate Tax Hikes
Global Market News
- OPEC+ Agrees To Gradually Increase Output
- OPEC+ Signals Confidence In Demand Recovery
- Saudi Arabia Ready To Extend Huge Oil Cuts Into June
- China Set To Buy 1 Million Bpd Of ‘Cheap’ Iranian Crude This Month
- Venezuela Looks To Pay With Oil For COVID Vaccines
- Peru’s Oil Industry Is Key To Its Pandemic Recovery
- Oil Demand Boosted By Highest Number Of Flights Since COVID Started
- Iran’s Only Operational Nuclear Power Plant Risks Shutdown
- Ad Companies Are Boycotting Big Oil
- China’s Coal Power Generation Jumps As Electricity Demand Soars
- Google, Samsung, BMW And Volvo Support Ban On Deep-sea Mining
- Will The World’s Newest Oil Benchmark Be A Success?
- Libya’s Oil Production Set To Stabilize In 2021
- Suez Canal Opens, But Shipping Will Be Snarled for Months
- Jobless Claims Rose By 61,000 Last Week – despite the increase, the monthly average of claims is now the lowest since March 2020
United States Rig Count
- Up 13 from last week for a total of 430
- Down 35.2% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- Episode Two of our newest segment, Hydrocarbon History is available now! Join us as we explore the history of oil and gas to see what we might learn from the mistakes and successes of others. In the second episode, Tavis talks about the history of London’s notoriously bad air, and how improvements were made using hydrocarbons.
- A new episode of the Periodical Podcast is available now! Be sure to check out our conclusion to the series investigating how oil and gas producing states are attempting to fight Biden’s actions on fossil fuel development in the United States this week with the Bakken states of North and South Dakota.
- This week’s Periodical investigating how oil and gas producing states are attempting to fight Biden’s actions on fossil fuel development in the United States. To finalize this series, we will be taking it up north to the Bakken States of North and South Dakota to see what kind of ammunition they are using to fight federal regulations.
- A NEW Basin Breakdown for the Month of February is available now! Be sure to check out the articles HERE and podcast HERE!
- Episode Fourteen of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with Matt Showalter, Executive Chairman at Iron-IQ!
- Episode 11 (Tackling the Data Monster Pt. 2) of 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!
- As Always, A New Monday Madness Podcast!
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