 Marie-Claire Aoun, thank you for coming with us. You're the director for energy at IFRI. We've had very low oil prices for quite some time now. Will they stay low? And if they do, what are the implications for the developing countries and for the oil producers in particular? It's very difficult to respond precisely to the question about the future evolution of the oil prices. Yesterday in the workshop on energy it was discussed and clearly the experts were saying it could be at $30 per barrel or it could be at $100 per barrel. However, all the scenarios shows that on the medium term we are still on a slight, on the same level of low oil prices. And the consequences on the exporting countries are really significant. Around $360 million of losses of oil revenue exports in the Middle Eastern countries per year. So this is huge, huge losses. And these countries have also to deal with other economic challenges, not only unemployment. So it's a very difficult situation. The challenge is also big for international oil companies who are struggling to decrease their costs. They are reducing their capital expenditures to adapt to this. It seems to have been a withdrawal from the Arctic. Absolutely, absolutely, because these are very high cost production in the region. And in other regions also this is really significant. So a negative impact on international oil companies, a negative impact on the U.S., shale oil operators, who are also reducing their capital expenditures. And we estimate that by July 2016 the decrease of the U.S. light-tight oil production would be around $1 million per barrel per day. So I mean there are those who say that the U.S. is at the moment the swing producer. But that presumably will last if shale oil becomes financially not very feasible. There is a decrease in the oil production in the U.S., but it started very late. The light-tight oil were much more resilient than we initially expected. So it is true that now the U.S. are the swing producer. The decrease in the production is continuing. But however, if the oil price rises again, the increase in the U.S. production would be a little bit more important. So today clearly the clear emphasis is that the U.S. are the swing producer and not opaque. An obvious question. I mean obviously low oil prices are bad for the producers. But presumably for the global economy, the cheaper the energy price, the better it is for the overall economy. Absolutely. We discussed all this yesterday and there was an intervention from a U.S. participant who said, cheer up guys. This is good news for the economy. Cheap oil energy. Cheap energy. So this is good news. However, this should be also looked at in the U.S. There is a positive impact because the energy prices are really declining. But in the other OECD countries, notably in Europe, there are the taxes which really smooth the impact and smooth the benefit on the end consumers. So end consumers do not really feel the decline of the oil prices. And all over the IMF representative yesterday was saying that initially we expected that globally there will be an important positive impact of the decline of the oil prices. But with the other phenomenon, the positive impact is not as important as we initially expected. Is the WPC a good forum for this sort of discussion or is everybody in a sense on one side? No, I think it's an excellent forum for this kind of discussion because it gathers everyone on the tables. The producers we had yesterday, the international companies, the U.S. operators, the consumers. So it clearly gathers everyone. And it was also shown yesterday we clearly don't have the same perceptions of what's happening today on the oil prices, but also on the climate change discussions. And it is an excellent forum for to gather everyone and to share our views because when you are discussing this in the U.S., you don't have the same perception as in Asia and as in Europe or in the Middle East. Thank you very much indeed.