Via UBS, their WTI Q4 2020 price forecast is $31
Snippets from the report:
The 6 June OPEC+ meeting agreed a first phase extension by a month to July
- Recent additional cuts of ~1.2Mbd from Saudi/UAE/Kuwait/Oman will not extend
- tone on compliance is harder
past 2-3 months has been the rapid fall in US production
- Oil price rebound likely prompts some of this production back in coming months and
next OPEC+ meeting scheduled for 1 December
- monthly JMMC meetings will monitor market developments and OPEC+ compliance behaviour, which has helped with the price rebound.