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News from China
Oil ministers make progress on output cut deal
23rd January 2017

 ENERGY ministers from OPEC and non-OPEC countries meeting in Vienna yesterday have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time.

“I am satisfied, I am optimistic and, as I said, the markets are on their way to rebalance and it’s happening,” Saudi energy minister Khalid al-Falih said.
Compliance with the agreement, which calls for cuts to begin this month, had been “fantastic,” he said.
Kuwaiti oil minister Essam Al-Marzouq, who chairs the five-member compliance committee, said it would examine how to best monitor compliance and what level of compliance would be acceptable.
The other members of the committee represent Algeria, Venezuela, Russia and Oman. A deal reached on December 10 between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers marked the first such pact since 2001.
Under it, producers will lower output by nearly 1.8 million barrels per day aiming to ease a global glut that has weighed on oil prices for more than two years.
“Usually non-OPEC would raise their production to compensate for voluntary cuts by OPEC. Now, we are seeing voluntary cuts by both sides,” Falih said.
Some 1.5 million bpd in crude production had already been taken out of the market.
“The other 300,000 bpd, for all I know, is still happening,” Falih said, adding he hoped for full compliance in February.
Venezuela has achieved more than half of its planned 95,000 bpd cut, Oil Minister Nelson Martinez told reporters. Full compliance could take global oil inventories back close to their five-year average by mid-2017, lowering oil in storage by around 300 million barrels.
Source: Shanghai Daily, January 23, 2017
China sets oil, gas supply goals by 2020
20th January 2017

 CHINA will cut the output of oil by 2020 and boost the domestic market for natural gas, the National Development and Reform Commission said.

The domestic annual production of oil is set to be around 200 million tons by 2020, down 6.5 percent from 214 million tons produced in 2015, the country’s top economic planner said in a five-year (2016-2020) plan on oil and natural gas development yesterday.
By contrast, the annual output of natural gas is expected to grow by an annual average of 8.9 percent in the coming years to 207 billion cubic meters in 2020, which “should be used to replace fuel oil in sectors such as automobile and shipping,” the NDRC said.
The cut in production will compel oil giants such as China National Petroleum Corp to expand overseas. Its crude business gained 4.3 percent last year from 2015 and the company will “stick to a ‘globalization strategy’ in the coming years and enhance global cooperation in exploitation and trading,” said Chairman Wang Yilin.
The proven reserves of crude oil are set to reach 42 billion tons by 2020, up 4.89 billion tons from 2015, while those of natural gas are seen to rise by 3 trillion cubic meters to 16 trillion cubic meters
Source: Shanghai Daily, January 20, 2017
HSBC plans to relocate jobs to Paris after Brexit
19th January 2017

 HSBC became the first major bank to detail plans to move jobs out of London after Brexit, saying it will relocate staff responsible for generating around a fifth of its UK-based trading revenue to Paris after Britain leaves the European Union.

Major financial firms warned for months before Britain’s referendum on European Union membership in June that they would move jobs out of the country if there was a vote to leave, but have set out few details since on how many will go or where to.
“We will move in about two years’ time when Brexit becomes effective,” Chief Executive Stuart Gulliver said yesterday at the annual meeting of the World Economic Forum in Davos, in a potentially damaging first blow to London’s status as Europe’s main financial center.
Other banks are expected to announce more concrete plans for how they will adapt to Brexit in the coming months after Prime Minister Theresa May confirmed in a speech on Tuesday that Britain would leave the European single market.
HSBC, Europe’s biggest bank, is at an advantage to its major US rivals as it already has a large subsidiary in Paris that holds most of the licenses needed by an investment bank, meaning Gulliver has been able to set out more detailed plans.
It is expected to move around 1,000 staff who are involved in trading products such as European stocks that are regulated by the EU. HSBC’s global banking and markets division that houses those roles made profits of US$384 million in the UK in 2015, according to a company filing.
Source: Shanghai Daily, January 19, 2017
Audi eyes increased Chinese e-car sales
18th January 2017

 AUDI will sell more electric car models in China and develop automated driving there, it said yesterday, deepening ties with local partner FAW Group to counter challengers Mercedes-Benz and BMW in its top market.

Volkswagen’s luxury division and other carmakers are under pressure to sell greener cars in China as the world’s biggest auto market tightens emissions rules and discourages the use of fossil-fueled cars in major cities to fight pollution.
Audi and FAW have agreed to produce five more electric car models in China over the next five years. Audi also plans to build the A6L e-tron plug-in hybrid in China this year and import the Q7 e-tron model to the country.
Future electric models will include purely battery-powered cars with a range of over 500 kilometers, Audi said. The brand now only imports the A3 e-tron to China, destination of almost a third of its record 1.87 million deliveries in 2016.
“We are starting the next phase of our joint growth path in China,” Audi sales chief Dietmar Voggenreiter said. “More than ever, our partnership is focusing on profitable, sustainable growth.”
An early entrant to China, Audi remains the best-selling premium car brand there, though it is losing ground to Mercedes-Benz.
Source: Shanghai Daily, January 18, 2017

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