Oil & Gas
Reserach by RHB
Neutral (Maintained)

"Dark Clouds Loom"

Maintain NEUTRAL; Top Picks: TOP, Keppel, Yinson. Crude oil price is expected to see limited upside for now due to the global economic slowdown/weaker oil demand/higher non-OPEC supply. Our crude oil price forecasts are now revised to USD64/bbl from USD66/bbl for 2019-2020, with long-term oil price at USD60/bbl. US shale oil production is on the rise, but at a decelerating rate. In this report, we highlight US shale oil producers’ financial positions and how they compare with the oil majors.

Kannika Siamwalla, CFA
+66 2088 9744
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Oil & Gas
Reserach by RHB
Neutral (Maintained)

"Dark Clouds Loom"

Maintain NEUTRAL; Top Picks: TOP, Keppel, Yinson. Crude oil price is expected to see limited upside for now due to the global economic slowdown/weaker oil demand/higher non-OPEC supply. Our crude oil price forecasts are now revised to USD64/bbl from USD66/bbl for 2019-2020, with long-term oil price at USD60/bbl. US shale oil production is on the rise, but at a decelerating rate. In this report, we highlight US shale oil producers’ financial positions and how they compare with the oil majors.

Kannika Siamwalla, CFA
+66 2088 9744
kannika.si@rhbgroup.com

$SGX-BN4 $KLSE-YINSON 