MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI: NORWAY NOV CPI +0.3% M/M, +2.4% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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KazMunaiGaz Expects Karachaganak to Maintain Output in Medium Term

OIL

KazMunaiGaz expects Kazakhstan's Karachaganak oil field to maintain liquids output at current levels in the medium term according to S&P Global despite some concern for the prospect of an oil output decline. The field produced 240kb/d in H1 2023 and 221kb/d of liquids in 2022.

  • The output at the country’s third largest producing field will underpin an expected increase in CPC Blend crude exports. Karachaganak liquids are mainly condensate and therefore exempt from OPEC+ crude output quotas.
  • "Due to the completion of the Future Growth Project (FGP) at the Tengiz field in 2024, the volume of oil delivered to the CPC system will increase," KMG said. "As for production volumes at Karachaganak, there is no decline in volumes over the next five years."
  • Gas reinjections support the liquids production and is currently dependent on gas processing facilities in Russia. In 2022, as much as 57% of the gas output from the field (11.1bcm) of gas was reinjected.
  • Development of new injection and processing facilities at Karachaganak could increase gas reinjection to 21bcm/year from 2026 to help boost liquids output.
Energy BulletsCommodities
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