HOUSE_OVERSIGHT_032187.jpg
2.54 MB
Extraction Summary
2
People
4
Organizations
8
Locations
1
Events
1
Relationships
3
Quotes
Document Information
Type:
Article / market analysis (likely an op-ed or report excerpt included in house oversight discovery)
File Size:
2.54 MB
Summary
This page is an excerpt from a geopolitical or economic analysis article, likely written by Ian Bremmer (identified by title as President of Eurasia Group). The text analyzes global oil markets, specifically focusing on increasing production in Iraq and North America (Bakken shale), and the dynamics of a recent contentious OPEC meeting in Vienna involving Saudi Arabia, Iran, Venezuela, and Libya. The document bears a House Oversight Bates stamp, indicating it was part of a document production, likely related to investigations involving Jeffrey Epstein's financial connections or correspondence.
People (2)
| Name | Role | Context |
|---|---|---|
| Ali Naimi | Oil Minister |
Saudi Arabia's oil minister who left the OPEC Vienna meeting with complaints.
|
| Unnamed Writer | President of Eurasia Group |
Author of the article and the book 'The End of the Free Market' (Ian Bremmer is the implied identity based on credent...
|
Organizations (4)
| Name | Type | Context |
|---|---|---|
| Eurasia Group |
Political risk consultancy led by the writer.
|
|
| Opec |
Organization of the Petroleum Exporting Countries; held a contentious meeting in Vienna.
|
|
| IEA |
International Energy Agency; referenced regarding a recent move.
|
|
| Gulf Co-operation Council |
Producers maintaining a longer-term moderating outlook.
|
Locations (8)
| Location | Context |
|---|---|
|
Oil production location showing promise.
|
|
|
Location of the Bakken fields.
|
|
|
Oil field in North America.
|
|
|
Location of the OPEC meeting.
|
|
|
Referenced as 'Saudi' and 'The Saudis'; key oil player.
|
|
|
Chaired the OPEC meeting; described as an economically stressed producer.
|
|
|
In attendance at OPEC meeting; described as annoyed and economically stressed.
|
|
|
Described as 'embattled' during the meeting.
|
Key Quotes (3)
"The country’s oil minister Ali Naimi left the cartel’s Vienna meeting earlier this month with complaints that the organisation had just endured one of its most contentious and least productive gatherings in many years."Source
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Quote #1
"The Saudis have the most influence on price-moving output decisions and they increased production just as they had planned before the meeting proved so difficult."Source
HOUSE_OVERSIGHT_032187.jpg
Quote #2
"Add that to your favourite economist’s projection on the softness of the global economy, and we may soon be asking whether or not this latest IEA move was worth it."Source
HOUSE_OVERSIGHT_032187.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,981 characters)
17
yet been fully felt and is often undervalued. Iraq still draws undue
scepticism but production there is showing serious promise. The
country could add up to 300,000 barrels this year, with more
contracts, more exploration and more drilling already in the works.
Barring an unlikely and total implosion of the government, it is hard
to see production slowing down this decade. The same is true for
“tight oil” coming from unconventional sources. We are seeing this
begin to play out in North American fields such as the Bakken in
North Dakota. As technology and investment are dispersed over the
coming year, oil supply should positively surprise. Third, Saudi
supply increases are not dependant on Opec. The country’s oil
minister Ali Naimi left the cartel’s Vienna meeting earlier this month
with complaints that the organisation had just endured one of its most
contentious and least productive gatherings in many years. But that is
only because the major oil players were not prepared to pretend that
there was agreement on output quotas. With Iran chairing the
meeting, an annoyed Venezuela in attendance and an embattled Libya
looking on, it was much harder to get the group to put aside their
differences and smile for the cameras. The Saudis have the most
influence on price-moving output decisions and they increased
production just as they had planned before the meeting proved so
difficult. Economically stressed oil producers such as Iran and
Venezuela always want higher oil prices. But the Saudis and other
Gulf Co-operation Council producers maintain a longer-term
moderating outlook and they are the ones with the spare capacity to
make the difference. Add that to your favourite economist’s
projection on the softness of the global economy, and we may soon
be asking whether or not this latest IEA move was worth it.
scepticism but production there is showing serious promise. The
country could add up to 300,000 barrels this year, with more
contracts, more exploration and more drilling already in the works.
Barring an unlikely and total implosion of the government, it is hard
to see production slowing down this decade. The same is true for
“tight oil” coming from unconventional sources. We are seeing this
begin to play out in North American fields such as the Bakken in
North Dakota. As technology and investment are dispersed over the
coming year, oil supply should positively surprise. Third, Saudi
supply increases are not dependant on Opec. The country’s oil
minister Ali Naimi left the cartel’s Vienna meeting earlier this month
with complaints that the organisation had just endured one of its most
contentious and least productive gatherings in many years. But that is
only because the major oil players were not prepared to pretend that
there was agreement on output quotas. With Iran chairing the
meeting, an annoyed Venezuela in attendance and an embattled Libya
looking on, it was much harder to get the group to put aside their
differences and smile for the cameras. The Saudis have the most
influence on price-moving output decisions and they increased
production just as they had planned before the meeting proved so
difficult. Economically stressed oil producers such as Iran and
Venezuela always want higher oil prices. But the Saudis and other
Gulf Co-operation Council producers maintain a longer-term
moderating outlook and they are the ones with the spare capacity to
make the difference. Add that to your favourite economist’s
projection on the softness of the global economy, and we may soon
be asking whether or not this latest IEA move was worth it.
The writer is the president of Eurasia Group, a political risk
consultancy, and author of ‘The End of the Free Market’.
consultancy, and author of ‘The End of the Free Market’.
HOUSE_OVERSIGHT_032187
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