MNI China Daily Summary: Monday, May 13

MNI BRIEF: Beijing Reveals 2024 Bond Issuance Plan

MNI BRIEF: BOJ Cuts Scale Of 5-10 Year JGB Buying By JPY50 Bln

RPT-MNI POLICY:BCB Dissenters Feared Reaction Function Misstep

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

MNI: PBOC Sets Yuan Parity Higher At 7.1030 Mon; -4.18% Y/Y

INDON Sov Curve Steady, Consumer Confidence Rose To 11-Month High

MNI BRIEF: China April CPI Edges Up To 0.3% Y/y

CHINA JAN-APR NEW LOANS CNY10.19 TRLN VS JAN-MAR CNY9.46 TRLN

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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OPEC Feb Output Rises by 87k b/d: Reuters

OIL
Energy BulletsCommodities

Oil output among the OPEC 9 members rose by around 87k b/d in February, according to a Reuters survey.

  • In terms of the additional voluntary cuts for Q1, the OPEC-9 members exceeded their quotas by 191k b/d.
  • The survey did not include wider members of OPEC+, such as Russia, Kazakhstan, and Oman who also agreed to further voluntary Q1 cuts.
  • Countries that exceeded their quotas were (amount exceeded in brackets): Iraq (+111k b/d), Nigeria (+100k b/d), and Gabon (41k b/d).
  • Countries below target: Algeria (-1k b/d), Congo (-17k b/d), Equatorial Guinea (-20k b/d), Kuwait (-3k b/d), Saudi Arabia (-8k b/d), and the UAE (-12k b/d).
  • Iraq’s production fell 30k b/d from Jan to Feb but continues to be above target.
  • Only Nigeria’s, Libya’s, and Venezuela’s production rose, up by 60k b/d, 150k b/d, and 10k b/d respectively. The latter two are not subject to quotas.
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Oil output among the OPEC 9 members rose by around 87k b/d in February, according to a Reuters survey.

  • In terms of the additional voluntary cuts for Q1, the OPEC-9 members exceeded their quotas by 191k b/d.
  • The survey did not include wider members of OPEC+, such as Russia, Kazakhstan, and Oman who also agreed to further voluntary Q1 cuts.
  • Countries that exceeded their quotas were (amount exceeded in brackets): Iraq (+111k b/d), Nigeria (+100k b/d), and Gabon (41k b/d).
  • Countries below target: Algeria (-1k b/d), Congo (-17k b/d), Equatorial Guinea (-20k b/d), Kuwait (-3k b/d), Saudi Arabia (-8k b/d), and the UAE (-12k b/d).
  • Iraq’s production fell 30k b/d from Jan to Feb but continues to be above target.
  • Only Nigeria’s, Libya’s, and Venezuela’s production rose, up by 60k b/d, 150k b/d, and 10k b/d respectively. The latter two are not subject to quotas.