RP Weekly Recap | March 23-27
Summary
With the COVID-19 virus and ongoing price war wreaking havoc on the industry, companies are doing anything and everything to stay afloat in these turbulent times.
COVID-19 Updates
COVID-19 Statistics
- Number of Cases (Worldwide): 558,905 (up from 250,856 last week)
- Number of Cases (USA): 86,012 (up from 3,297 last week)
COVID-19 News
- India Orders Nationwide Lockdown (Link)
- This will translate to a further decline in oil demand
- Epidemiologist Behind Highly Cited Coronavirus Model Drastically Revises Model (Link)
Financial & Economic Updates
US Oil Market News
- U.S. Oil Turns its Back on the Permian as Prices Crash (Link)
- According to Fitch Ratings, Saudi Arabia needs oil prices at $91 a barrel in 2020 to balance its budget, all else being equal
- The Biggest Threat to Western Oil Majors (Link)
- US Suspends Plan to Buy Oil After Funding Is Left Out of $2 Trillion Stimulus Package (Link)
Global Market News
- The Real Reason Oil Prices Crashed (Link) **MUST READ**
- Saudi Arabia’s Price Oil Price War is Backfiring (Link)
- Saudi Arabia And The U.S. Could Form The World’s Newest Oil Cartel (Link)
- Mexican Firm Buys 15 Million Barrels from Venezuela in Oil for Food Deal (Link)
Employment Updates
- The Job Hunt: Job Offers to New Grads Rescinded (Link)
- How to Transition to an Online Classroom or Work Space (Link)
- Over 1 Million Oil Field Service Job Cuts Likely in 2020 (Link)
RARE PETRO Updates
Content Updates – News Pulse – Podcast
- New Monday Madness Podcast (Link)
- RP Basin Breakdown Podcast February 2020: Back to the Future (Link)
- Basin News: UPDATED: US Shale Sector Budget Cuts Adding Up Quickly (Link)
- Permian Basin News: Chevron Hits the Brakes on Permian, Cuts $8 Billion Across Company (Link)
- Periodical: Disaster on the Horizon
- With the world increasingly oversupplied due to a global pandemic and overproduction flooding the market, crude is being forced into storage in hopes of a future when prices begin to stabilize. The only problem – storage is reaching capacity (Link).
Click above to subscribe to the RARE
PETRO Podcast Network or visit
www.rarepetro.com/newspulse
The information contained in this newsletter is provided by RARE
PETRO Engineering, PLLC via the linked sources unless otherwise
noted.