Global oil markets remain tight YTD with low inventories and narrower OPEC spare capacity; an embedded risk premium is keeping oil prices high. We think the tightness could become worse as IMO 2020 implementation raises demand for middle distillates, and refineries demand more crude oil. We remain Overweight on the Malaysian O&G space, with top picks Dialog and Sapura Energy (SAPE); recovery in O&G capex is key re-rating catalyst.

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