As regards demand, lower GDP growth in emerging markets has tended to reduce oil demand growth, especially in light of the secular increase in global oil efficiency. Natural gas price declines also appear to be long lived in light of the North American shale gas boom, recent discoveries of vast gas fields in developing countries and the resumption of nuclear-powered electricity generation in Japan.
Despite the still ongoing Euro zone crisis, in particular with respect to its banking sector and global financial market is also still fragile, global economy has shown a quite significant improvement. Yet, we expect that the risk will be moderate given strong world leaders commitment as I have previously mentioned.