MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI: US NOV SUPERCORE CPI (CORE SERVICES EX-HOUSING) 0.342%

MNI: US NOV CPI UNROUNDED M/M 0.313%, CORE 0.308%

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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OIL: Mexico Crude Exports Fell 37% in June

OIL

Pemex crude exports fell 37% y/y in June to 754kbpd, while production of liquid hydrocarbons fell to the lowest rate this year, according to company data released on July 26.

  • Exports were down 17% from 911kbpd in May and compared to 1.203mbpd in June 2023.
  • Liquid hydrocarbon production fell to 1.782mbpd in June from 1.785mbpd in May and 1.889mbpd in June 2023.
  • Crude oil production was similar to previous months at 1.50mbpd in June and the lowest levels in more than four decades due to depletion of key fields.
  • The new Olmeca refinery will process 100kbpd in July, Pemex said on an earnings call, as the country aims to reduce its imports of fuels such as gasoline and diesel. The delayed refinery will begin production on Saturday, said President Andres Manuel Lopez Obrador on Monday.
  • Pemex operated six old refineries in Mexico at 53.5% capacity in June, compared to 51.8% in May. Crude processing averaged less than the 1mbpd pledged by the government at 867.6kbpd in June.
  • Gasoline production was 4.5% higher m/m at 278.3kbpd in June while diesel was up 9.7% to 158.4kbpd and fuel oil production increased 20% to 303.8kbpd.
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