MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI: EUROZONE Q2 PRELIM FLASH GDP +0.6% Y/Y

MNI: EUROZONE Q2 FLASH GDP +0.3% Q/Q

MNI: NORTH RHINE WESTPHALIA CPI +0.3% M/M, +2.3% Y/Y

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

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Shell to Review Oil Output Reduction Targets

ENERGY

Shell is reviewing its current plan to reduce oil output by 1% to 2% per year by 2030 according to CEO Wael Sawan.

  • Shell could revise its current output plan despite the strategy to shift the company towards low-carbon energy.
  • "I am of a firm view that the world will need oil and gas for a long time to come. As such, cutting oil and gas production is not healthy," said Sawan.
  • Shell expects its oil and gas output to reach between around 1.8m and 2m barrels of oil equivalent per day this quarter.
  • Last month BP revised plans to cut its oil and gas output targeting a reduction of 25% by the end of the decade compared to previous plans for a 40% cut.
Energy BulletsCommodities
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