Continued OPEC production cuts, reduced US supply due to big freeze boosted oil prices. Brent crude averaged ~USD61/bbl in Q1 2021 — higher than our previous forecast of USD50/bbl for full-year 2021. Given a higher possibility of OPEC+ continuing restraints on production amid the ongoing demand recovery with rising vaccinations, we raise our 2021 average oil price by 20% to USD60/bbl. We also increase our 2022-2025F oil price assumption by ~10% to USD60/bbl due to a higher possibility of a tight