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 BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

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

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

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

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

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

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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US Shale Industry To Keep Forced Output Limits

ENERGY

The US shale industry confirmed it will keep self-imposed production limits in order to prioritize profits, despite elevated oil prices and uncertainties over Russia.

  • The reason behind the forced production limits are labour shortages, high equipment costs and a lack of government support, producers said during earning calls in the past weeks.
  • The industry has seen little, or no output increases this year as US shale drillers have altered their capital allocation discipline, to prioritize shareholder return after burning through cash during the Covid-19 pandemic.
  • It is unlikely US shale production will return to pre-Covid production levels in the next years.
  • Occidental plans to keep its production flat in 2023, and Devon anticipated output growth next year at the lower end of previous forecasts of 0-5% growth.
Energy BulletsCommodities
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