We cut our Brent crude oil price base case by ~42% for 2020F and ~8% for 2021-2024F. We reduce our average Brent crude oil price assumption from USD60/bbl to USD35/bbl for 2020F. In addition, we cut our assumption from USD65/bbl to USD60/bbl for 2021-2024F. Travel restrictions and lockdowns in response to the COVID-19 outbreak could lead to a 10% plunge in oil demand. Furthermore, the price war between Saudi Arabia and Russia could be prolonged.