At a recent energy summit held in Aspen, Colo., in late August, Raymond James stood by its incrementally bullish outlook for global oil supply and said that more industry players are “coming around to our view.”

Supporting the outlook is “a greater consensus from those in attendance that Saudi is incentivized to push Brent prices higher,” to around $75 a barrel, said Marshall Adkins, head of Raymond James’ energy research team, in a note recapping the highlights from the firm’s summit.

Demand appeared to be more of a conundrum for conference attendees. Raymond James characterized its outlook on demand as “already below consensus, but arguments suggest we may still be too high.” There was no consensus on whether demand issues were “transitory or structural” or on why demand is weakening outside of the U.S./China trade war.

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