Crude oil demand regained momentum as world economic activities continue to pick up amid ease in supply. Brent crude oil price rose by 3.4% MoM to average US$44.3/bbl in Aug'20 and remained in a narrow range during the month. OPEC+ agreed to ease oil output cut to 7.7mbpd starting Aug until Dec'2020. We reiterate our crude oil price forecast of US$40-45/bbl in near-to-medium term and to stabilise at US$50-55/bbl in the long run. OPEC's production increased marginally in August to 23.9mbpd vs 23.4mbpd in July 20 (22.5mbpd in Jun'20). This was led by Saudi Arabia which increased its production by 5% MoM to 8.86mbpd while production at other OPEC nations largely unchanged. We expect OPEC production level would gradually increase as demand revives and also Saudi Arabia would not like to lose market share against US for a longer period of time. We have witnessed Saudi has started giving discount to the benchmark crude to the tune of US$0.5-1.1/bbl to regain some market share. Non-OPEC production rose by 2.5% in July 20 MoM to 59mbpd. US production saw a gradual ramp-up and rose to 10.7mbpd, an increase of 5.9% MoM. We...