We raise our oil price base case forecast for 2020F but lower our forecasts for 2021-2025F due to a weaker global demand outlook. We raise our 2020F average Brent crude oil price forecast by ~23% from USD35/bbl to USD43/bbl — in line with the average YTD price. However, we cut our average oil price assumptions for 2021F by ~17% from USD60/bbl to USD50/bbl and for 2022-2025F by ~8% from USD60/bbl to USD55/bbl due to a softer crude demand outlook as a result of the prolonged impact of COVID-19.