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

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% 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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OIL: Persistent Tight Crude Balances Leading to Significant Stock Draws: Rystad

OIL

Rystad suggest persistent tight balances for both crude and liquids, leading to significant stock draws. Liquids supply is growing by approximately 800kbpd y/y but crude supply is expected to show minimal gains.

  • Global crude oil and condensate production is forecast to reach 82.68mbpd in H2 2024. A small boost from Latin America and Africa is tempered by a reduction in Saudi Arabian output and slower growth in the US amid falling rig counts.
  • US President Biden has endorsed Vice President Kamala Harris, and although no official campaign policies have been released by Harris, her energy policy would likely closely resemble that of the current administration.
  • Harris may choose a more centrist position on fossil fuels to win more moderate votes but will have to defend her previous actions against oil and gas companies about climate change.
  • Trump running mate JD Vance has voiced criticism of electric vehicles (EVs), citing dependence on Chinese supply chains and need for fossil fuels power generation. Vance seeks to replace the EV tax credit with a subsidy for US-made vehicles.
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