Regional Oil & Gas
Research by RHB
Neutral (Maintained)

"Sluggish Year Ahead"

Maintain NEUTRAL; Top Picks: Thai Oil, Keppel, Yinson. October production cuts by OPEC+ should be 126% compliant, with Saudi Arabia still doing the heavy lifting. OPEC+ may factor in the slowdown in US shale oil production at its upcoming December meeting. Crude oil prices are expected to see limited upside for now, due to the global economic slowdown, weaker oil demand, and higher non-OPEC supply. Our crude oil price forecasts remain at USD64/bbl for 2019-2020 and USD60/bbl for the longer term.

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

"Sluggish Year Ahead"

Maintain NEUTRAL; Top Picks: Thai Oil, Keppel, Yinson. October production cuts by OPEC+ should be 126% compliant, with Saudi Arabia still doing the heavy lifting. OPEC+ may factor in the slowdown in US shale oil production at its upcoming December meeting. Crude oil prices are expected to see limited upside for now, due to the global economic slowdown, weaker oil demand, and higher non-OPEC supply. Our crude oil price forecasts remain at USD64/bbl for 2019-2020 and USD60/bbl for the longer term.

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

$KLSE-YINSON $SGX-BN4