mr. dawin, thank you for being here. go right ahead. >> good morning. it's an honor to speak to you. i will focus on what is happening in the united states. the way i'm looking at the oil market and the way to summarize what the panelists before me said is really we have a bipolar crude oil market where we have significant down side risk because of the economic conditions in europe and on the other side we have significant up side risk because of tensions with iran and the possibility to lose some supply from this market. and the implication of losing barrels from the persian gulf. >> if you look at forward looking balance, we will see acute market tightening experienced in 2011 is not likely to be in store in 2012. demand is underperforming. we believe will be smaller whan what the iae believe, probably below a million barrel per day with significant down side. when we look at oil demand globally, all the growth is decelerate, particularly in asia it's decelerating and growth is only focused on three regions in the middle east, latin america and emergi