We strongly believe that the demand fundamental is healthy and strong. We have seen a demand growth of about 1.2 to 1.3 million barrels per day this year, almost the same next year in 2026. It's a record year for oil, gas and even coal. When you look at the five-year average, it's at the lowest end of the five-year average in terms of physical barrels storage available on the market. So it tells you that demand is real, and it is strong. It is not reflected in terms of oversupply or glut, otherwise you would see storage facilities increasing significantly.

We don't have oversupply glut because supply is growing from the US. Supply-demand fundamental is healthy. We are seeing more demand especially from developing countries, from India and Asia in general and even from the US. Demand is strong and that's reflected on the call on us for supply.

There is a concern about China demand shifting to EVs rapidly and decreasing oil consumption. But although EV growth is strong, the internal combustion fleet remains huge. Other sectors like aviation are growing by 8 to 9% in China requiring more jet fuels and liquid chemicals. We are seeing growth in supply of carbon fiber for EVs, solar panels, turbines requiring more liquid chemicals. So oil is shifting to chemicals and being used in new sectors.

We don't see a slowdown. We have always said oil and gas will continue to grow for decades and this is reflected in record year on year growth.

Regarding US sanctions on Russian oil companies, it's too early to tell; the sanctions gave 30 days for certain companies or markets to shift. Russian supply is significant, close to 7 million barrels export including crude and products depending on refining health.

If needed, Saudis could step in to fill the gap, but production targets are based on Ministry of Energy decisions under the OPEC+ agreement aiming to stabilize the market and maintain capacity.

Tariffs impact economies, and healthy economies mean more demand, but so far the demand this year is healthy and expected to be healthier next year.

Saudi Aramco is targeting $52 to $58 billion CapEx this year, mostly to maintain capacity of 12 million barrels and to significant gas growth growing more than 60% by 2030, along with investments in minerals such as lithium processing plants planned by 2027.

Investment is crucial; oil investment is down 20% and final investment decisions down 35%, which is concerning given decline rates of 6 million barrels per day just to maintain production without growth. Substantial capital investment is needed to meet demand.

Forecasts had some calls to reduce investments due to renewables growth, but energy needs will increase especially for data centers whose power requirements by 2030 will be almost four times that of all electric vehicles combined. Despite about $11 trillion invested in renewables, the equivalent oil contribution is only 15 million barrels, which is insufficient.