Since the summer of 2014, the price of oil has been rapidly declining. As the time I'm speaking to you, it is not yet clear whether it will decline further or whether it will remain very low for a long period of time. This has been a surprise for most people that did not expect it, but it is something that could be predicted on the basis of available information. In fact, throughout the past 15 years, roughly in between 2000-2014, the mood of the industry has been influenced primarily by the peak oil theory. The peak oil theory says that because the oil resources are finite and they will run out at some point, we will necessarily reach a point when the production of oil will hit a maximum. From that point on, it will necessarily decline. It was said, we are there, the peak. We have reached the peak, from this moment on, the production of oil will necessarily decline. Because demand is growing, there is a gap opening between demand and supply, meaning that the price of oil must necessarily increase, and it will increase rapidly. But, in fact, that was not the case. That's not what we have seen. The production of so-called conventional oil may have peaked, but we have discovered many non-conventional resources or, in fact, we knew those resources already. Before we were simply starting to invest in those resources and producing oil from places that are exotic such as the Arctic, or the deep offshore, where producing oil costs more, the technology is very challenging, but it's not impossible. You can do it. As this first chart from the International Energy Agency shows, a chart that the agency has been publishing for years, it is clear that for a price of above $100 per barrel including some of the most exotic solutions for producing the oil, become commercially viable. So if it is commercially viable it means that companies will be ready to invest and produce oil from this difficult sources, high cost oil from difficult sources. This production will be in excess of what the word today needs. The second chart that I'm showing to you indicates exactly, again, a chart from the International Energy Agency, indicates exactly that according to the agency, in order to meet the expected demand of oil until 2035, we don't need to have a price above $50 per barrel. All the demand that is expected to be there can be met with cheaper oil. There is no need to go and invest in expensive oil. Therefore, the price of 100 will necessarily lead to an excess of production, and that is exactly what has happened. The production has started exceeding demand already in 2012 or even 2011, and more and more stocks have been accumulated. Nevertheless, the price remained high. It remained high because of political and military preoccupations linked to turmoil in the Middle East. It remained high because there was an expectation that if the price starts declining, Saudi Arabia and the other major producers will cut production and will defend the high prices. They need the high price. But this latter assumption proved to be wrong. Again, it should be said that Saudi Arabia has very clearly indicated ever since 1985 that they are not interested in playing the role of swing producer. That is the producer that increases or decreases production in order to match demand. They have said this many times. In fact, in November, 2014 when OPEC met, they reiterated that they were not interested in cutting production. If the price needed to collapse, so be it. The market will find a new equilibrium at a lower level of prices. Many people were surprised but it is perfectly logical on the part of Saudi Arabia to do so because there is no logic in cutting back production of cheap oil just in order to allow for production of expensive oil to continue. Cheap oil should be produced first, and expensive oil will be produced if and when it will be needed, not for the time being. So it is clear that Saudi Arabia will not certainly unilaterally cut production. Some people still hope or expect that there might be an agreement among all major producers: Saudi Arabia, Russia, Iran, Iraq, Venezuela, but what about the United States. So this agreement is very difficult, and at the time being, it's not predictable that an agreement will be reached soon. So most likely, we are in for a period of an extended period of low prices, which will, of course, deeply affect the entire energy system. It will make the transition towards decarbonization on renewable energy sources more difficult because oil is more competitive. People were expecting that it would be very expensive, not so. It will make energy saving more difficult because there will be less of an incentive for the final consumer to for example buy cars that are very efficient. They will find that it is possible to buy larger cars or less efficient cars because in any case the price of gasoline is low. So this may constitute a problem for the energy transition, and it may certainly constitute a problem for the major international oil companies, whose earnings will be limited and much lower than they have been so far for quite a while. Nevertheless, it is a logical and healthy thing that oil which is abundant and cheap to produce should be available to the consumers for a low price.