MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

NBH Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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November OPEC Production Fell by 1.05mbpd: Bloomberg Survey

OIL

OPEC production fell by 1.05mbpd to an average of 28.7mbpd according to a Bloomberg survey. Output reduced by the most since 2020 as the group fulfilled target cuts agreed at the last OPEC meeting in October.

  • Saudi Arabia cut production by 470kbpd to 10.44mbpd with UAE and Kuwait also reducing output.
  • The group is expected to keep supplies unchanged at the next meeting on Dec 4 although lower prices and weaker demand have increased the risk of further cuts.
  • Even without any changes in targets, OPEC+ production could still decline due to lower Russian output following the EU ban and the oil price cap from Dec 5. EU members are getting closer to an agreement on a Russian oil price cap with a level of $60/bbl.
  • The Bloomberg survey is based on ship-tracking data, information from officials and estimates from consultants including Kpler Ltd., Rystad Energy and Rapidan Energy Group.
    • Brent FEB 23 up 2% at 88.75$/bbl
    • WTI JAN 23 up 2.7% at 82.72$/bbl
Energy BulletsCommodities
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