Al-Qaeda Group Takes Mosul: What It Means for U.S.

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June 11 (Bloomberg) -- Ian Bremmer, president and founder at Eurasia Group, discusses the taking of Mosul in Iraq by Al-Qaeda and what type of support may come from the United States. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Everything is in good order.

Supply is good.

Why do we say we have a capacity problem?

Don't you believe us?

The saudi oil minister speaking to us a few minutes ago.

They always have this media scrum just before the meeting.

You get in there, you get your camera, you put it in their face.

Everybody is doing the same thing.

Always entertaining to watch.

Ryan chilcote on the ground, in the room for us.

Let's head back over to vienna to hear from him.

I am joined by neil atkinson, a guy who has been coming to opec meetings for more than 20 years.

Clearly alexa fanfare.

Let's talk about the saudi oil minister.

What's up with showing up a a of hours before the meeting?

Normally he comes a couple of days before.

What does this say about the portions of this meeting?

-- the importance of this meeting?

Does not really matter.

No changes going to be made.

There was not much else to talk about in terms of the formal meeting.

He has been known over the years for a little bit of impatience.

He will be back to the airport after the meeting today.

He is the daddy of the meeting.

The expectation is that while they will keep the ceiling, everybody wants saudi arabia to pump more oil because opec will struggle in the second half of the year.

What we are being told is that the expectation for demand growth has been different than expected, we have not as much supply growth from the non-opec countries.

Less oil from iraq.

Military trouble in iraq.

We have the iranian exports coming back.

Stronger demand, weaker supply than expected.

It is thought that opec collectively will have to pump a little bit more oil than the current ceiling in the second half of the year.

In practice, the only guys who can do that are the saudi's. any opec minister here today my say the same thing about the cartel.

Non-opec growth has been disappointing.

The american shale revolution was thought to kill the relevancy of the cartel.

Is the cartel still relevant?

Of course it is.

The idea that in five years, america was going to come along and destroye opec was nonsense.

Global demand growth over the next 10-20 years is going to be sufficiently robust.

There is still in need for an awful lot of oil from the middle east.

Some of the opec countries have lost their market share to domestic suppliers.

Opec is still going to be the major residual supplier for many years to come.

Talk to me about iraq.

A couple of years ago, there were talking about getting their output to 9 million barrels per day.

Everybody has seen these images from also -- mosul.

Overrun by insurgents.

This them and we will see more supply -- does that mean we will see more supply disruption?

Various officials have told

This text has been automatically generated. It may not be 100% accurate.


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