Crude oil price: As world economies continues to grapple with rising coronavirus cases mainly in US, India and Europe, crude oil prices continues to remain under pressure. Demand concern coupled with higher output led to a fall in prices during Sept'20. Brent crude oil price fell by 7.2% MoM to average US$41.1/bbl in Sept'20. Also, delay in fiscal stimulus package in the US further placed pressure on crude oil price. We reiterate our crude oil price forecast of US$40-45/bbl in near term and to stabilize at US$50-55/bbl in the long run. OPEC & Non-OPEC: OPEC's production remained flattish MoM in September to 24.4mbpd (23.9mbpd in Jul'20) as production in Saudi Arabia remained stable at 8.9mbpd. However, Libya and Iraq are expected to increase its supply in the next few months which is likely to further put pressure on oil price. We expect oil production at US to rise slowly on the back of higher crude oil price and rising rigs while Saudi Arabia will keep losing market share in coming few months. Singapore GRM: Singapore GRM showed some improvement and averaged to US$0.25/bbl in Sept'20 compared to US$0.12/bbl in Aug'20. Naphtha and...