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Presentation slide / financial report
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1.12 MB
Summary
This document is a presentation slide (page 14) from the Goldman Sachs Investment Management Division, bearing a House Oversight Committee Bates stamp. It provides a macroeconomic analysis of global oil production as of roughly April 2019, arguing that spare production capacity is adequate due to US growth and the ability of OPEC nations (Saudi Arabia, UAE, Kuwait, Iraq) to increase production if necessary. While stamped as part of a House Oversight investigation (likely related to document productions involving financial institutions), the content itself is purely market analysis and contains no direct references to individuals.
Organizations (7)
Locations (7)
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Key Quotes (3)
"US oil production growth has matched or exceeded global demand growth over the past year, providing ample supplies to the market."Source
HOUSE_OVERSIGHT_026958.jpg
Quote #1
"OPEC production could be increased back to 2018 highs if the market faced a shortage."Source
HOUSE_OVERSIGHT_026958.jpg
Quote #2
"Doing so would add 1.7 million b/d from main Middle Eastern OPEC members – more than Iran’s current export levels of around 0.5 million b/d."Source
HOUSE_OVERSIGHT_026958.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,164 characters)
Investment Management Division Goldman Sachs
Spare Oil Production Capacity Looks Adequate
1. US Crude Oil Production
[Chart 1 Legend]: Y/Y US crude production (LHS)
US crude production (RHS)
US crude production (RHS)
[Chart 1 Axis Labels]: Million b/d (Left: -1.5 to 2.5, Right: 5 to 13)
[Chart 1 Data Label]: 8.6 (Sep 2016)
[Chart 1 X-Axis]: Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18
[Chart 1 Data Label]: 8.6 (Sep 2016)
[Chart 1 X-Axis]: Jan-13 Aug-13 Mar-14 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18
2. Spare Capacity from April 2019 Production Level to 2018 Highest Production Levels
[Chart 2 Axis Label]: Million b/d (0.00 to 1.40)
[Chart 2 Data Labels]:
Iraq 0.1
Kuwait 0.1
Saudi 1.3
UAE 0.2
[Chart 2 Data Labels]:
Iraq 0.1
Kuwait 0.1
Saudi 1.3
UAE 0.2
▪ US oil production growth has matched or exceeded global demand growth over the past year, providing ample supplies to the market.
▪ In fact, OPEC had to cut production in late 2018 in order to reduce oversupply and arrest a fast decline in oil prices.
▪ OPEC production could be increased back to 2018 highs if the market faced a shortage. Doing so would add 1.7 million b/d from main Middle Eastern OPEC members – more than Iran’s current export levels of around 0.5 million b/d.
▪ In fact, OPEC had to cut production in late 2018 in order to reduce oversupply and arrest a fast decline in oil prices.
▪ OPEC production could be increased back to 2018 highs if the market faced a shortage. Doing so would add 1.7 million b/d from main Middle Eastern OPEC members – more than Iran’s current export levels of around 0.5 million b/d.
Source: Investment Strategy Group, EIA, Bloomberg, OPEC.
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