Regional Oil & Gas
Research by RHB
OVERWEIGHT (from Neutral);

"Challenges Ahead Amidst Uncertainties "

Upgrade to OVERWEIGHT (from Neutral), Top Picks: TOP, Keppel, Yinson. October production cut compliance remained strong for OPEC participating members at 135%, with Saudi Arabia being 231% compliant. The balancing of the oil markets remain a challenge for OPEC+, with uncertainties in global economic slowdown, weaker oil demand, and higher non-OPEC supply. We believe OPEC+ will continue to do what is required to maintain stability in the oil markets. Our oil price forecasts are maintained USD64/bbl for 2019F-2020F, and USD60/bbl for the longer term.

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

"Challenges Ahead Amidst Uncertainties "

Upgrade to OVERWEIGHT (from Neutral), Top Picks: TOP, Keppel, Yinson. October production cut compliance remained strong for OPEC participating members at 135%, with Saudi Arabia being 231% compliant. The balancing of the oil markets remain a challenge for OPEC+, with uncertainties in global economic slowdown, weaker oil demand, and higher non-OPEC supply. We believe OPEC+ will continue to do what is required to maintain stability in the oil markets. Our oil price forecasts are maintained USD64/bbl for 2019F-2020F, and USD60/bbl for the longer term.

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

$SGX-BN4 $KLSE-YINSON