Unprecedented Fall of U.S. Oil

Posted: June 19, 2020
Category: News Pulse

RP Weekly Recap | June 15 – 19


As the world continues on its long road to recovery from the global pandemic, oil demand is slowly on the rise. Unfortunately, domestic oil production is falling fast with current rates the lowest they have been since March of 2018 and predictions for July would put levels at their lowest since 2013. Has the price war and pandemic destroyed the U.S. Oil Industry?

COVID-19 Updates

COVID-19 Statistics

  • Number of Cases (Worldwide): 8,546,919 (up from 7,558,687 last week)
  • Number of Cases (USA): 2,203,659 (up from 2,029,037 last week)
  • Statistics (courtesy of Johns Hopkins)

Financial & Economic Updates

US Oil Market News

  • U.S. Oil Production Falls To Lowest Levels Since 2018 (Link)
  • U.S. Shale Production To Drop to 7.6 Million Bpd In July (Link)
  • Number of Drilled but Uncompleted Oil Wells Approaching Three-Year Highs (Link)
  • Chesapeake Energy Was Once the Second Biggest Natural Gas Company in the Nation. Now It’s Nearly Bankrupt. (Link)
  • When Will U.S. Shale Rebound To Pre-Pandemic Levels? (Link
  • U.S. Oil Dominance Is Coming To An End (Link

Global Market News

  • Oil Prices Top $40 Amid ‘Fastest Rebalancing’ In History (Link)  
  • BP Slashes Up to $17.5 Billion in Assets; Cites Pandemic for Swifter Shift to Net Zero (Link)
  • Mexico Is Prepared To Sell Venezuelan Oil (Link)
  • Energy Giants To Bring Greener LNG To The Market (Link)
  • Saudi Arabia Shocks Oil Markets (Link)
  • Oilfield Services May Not Recover Until 2023 (Link)
  • The End Of The OPEC Deal Could Be The Start Of A New Oil Price War (Link
  • Oil Prices Finish Higher as OPEC+ Looks To Make Up For Missed Output-Cut Targets (Link)
  • JP Morgan Predicts $100 Oil (Link)

Employment Updates

  • Nearly 85,000 Jobs In U.S. Oilfield Services Lost To Oil Crisis (Link)
  • Jobless Claims Hold Steady at 1.5 Million Last Week – It’s the thirteenth straight week that claims have topped 1 million amid the coronavirus pandemic. (Link)

US Rig Count Statistics (courtesy of Baker Hughes)

  • (-13) in the last week 
  • Down 72% from one year ago


Content UpdatesNews PulsePodcast

  • Our fourth installment of The Industry Leader Spotlight Podcast is available now! Be sure to check out our interview with industry leader and CEO of PetroRock LLC, Joe Nahama! (Link)
  • Part one of our four part series on post-COVID oil demand was published this past Wednesday. Be sure to check out: Post-COVID Global Oil Demand Series – Part 1: Petrochemicals and Construction Materials (Link)
  • New Basin Breakdown for May 2020 Podcast and Articles
  • As Always, A New Monday Madness Podcast! (Link

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