RP Weekly Recap | January 3 – 7
During their first session of 2022, the ministers of OPEC+ countries decided not to stray from their plan for a smooth increase in oil production despite the Omicron variant and forecasts of a surplus on oil markets. Under the plan, participants in the deal will increase their oil production in February by 400,000 BPD to top out at 40.89 million BPD. While the White House praised the group for their decision, many members of the group have been struggling to add as much production as their quotas call for. Check out this story and more in this week’s recap of all things happening in oil and gas!
- Number of Cases (Worldwide): 301,309,275 (up from 269,006,660 last week)
- Number of Cases (USA): 58,794,313 (up from 49,775,621 last week)
- Statistics courtesy of Johns Hopkins
Financial & Economic Updates
U.S. Oil Market News
- U.S. Overtakes Qatar To Become The World’s Largest LNG Exporter
- Average Oil Price In 2021 Was The Highest In Past Three Years
- White House Praises OPEC For Production Decision
- Crude Prices Slip On Major Dip In U.S. Gasoline Demand
- EIA Forecasts U.S. Natural Gas Production Will Establish a New Monthly Record High in 2022
- Ford Beats Out Tesla As Top Performing Car Stock Of 2021
- Why Pioneer Will Not Hedge Its Oil Production In 2022
- New England Is One Cold Snap Away From An Energy Crisis
- Keystone Pipeline Shuts Down Amid Frigid Weather
- Lime Rock Resources Kicks Off 2022 with Back-to-back Acquisitions
- UGI to Acquire Stonehenge Appalachia Gas Gathering System for $190 Million
Global Market News
- OPEC+ Sticks To Plan To Add 400,000 Bpd Oil Production In February
- OPEC Names Veteran Kuwaiti Executive as Next Chief
- Libya’s Oil Production Crashes Down To 780,000 Bpd
- Venezuela Surprises Oil Markets With Large Production Increase
- Germany Admits Need For Gas During Transition
- UK Households Face Steep Jump In Energy Prices
- China Slashes Fuel Export Quotas By 56%
- EU Law Will Equip New Cars With A Device That Collects Driving Data
- Clashes In Kazakhstan Over High Fuel Prices Continue
- ExxonMobil Announces Two New Oil Discoveries In Guyana
- Spain’s Repsol to Buy Rockdale Marcellus Assets in $222 Million Bankruptcy Sale
- Employers Add 199,000 Jobs in December, Well Below Expectations – the report is a sour note to end an extraordinary year for the labor market
United States Rig Count
- UP 2 from last week for a total of 588
- Up 63.3% from one year ago
- Statistics courtesy of Baker Hughes
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- The United States oil industry is over a century old, and in that time tens of thousands of wells have been drilled all over the country. Up until recently, there has not been a lot of attention paid to the legislative process that guides what exactly should be done to these wells when their owners decide that they have outlived their usefulness. Curious about this process? Check out our latest Periodical to find out more!
- 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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