 Hello everyone. My name is Byung Ho Jung and from now on I will walk you through the oil statistics overview. So the presentation will follow this order here from Key Oil Trends, Key Concepts, and at the end Key Points for Reporting Oil Data. First, let's begin with the Key Oil Trends. Here we are looking at the two pie charts showing the source of the energy supply between 1973 and 2020. And even if its share has been decreasing since 1973, we see here on the left, on the right pie chart that in 2020, oil remains to be still the largest source of energy supply at around 29%, followed by coal and natural gas. And this is the two tables showing the landscape of the oil production across the globe. We see that that also has been a change in production scene. So basically in 2016, Saudi Arabia and Russia were the top oil producers beginning in 2017 and continuing on to 2021. The United States surpassed them to become the world top oil producer. Key Oil Trends on refining. So this graph shows the output across the most products during the COVID from 1971 to the 2020, where we were highly impacted by the COVID crisis. And it's obviously observed in this graph that in 2020, all the refinery output was declined. In terms of the growth of in refinery, we can see that clearly that it's mostly in Asia that is producing these oil refinery products. And again, like in 2020, we've observed a really sharp decline due to the COVID crisis. Now, when it comes to the oil demand, so after several years of growth driven by non OECD countries, our provisional 2021 data shows world oil demand bounce back like around 6% after contracting by 9% due to the recurrent lockdowns, widespread teleworking and international travel restrictions, all impacted by the COVID-19 crisis. Within the final demand sector, demand by sector as expected, we see the large deep in 2020 across all end users. Historically, however, road transport has been the main oil consuming sector by non energy use, which reverse to mostly to the use of the oil as feedstocks into chemical and chemical industries. Here, a caution that these sectoral demand data are still up to 2020 data so we are not seeing here the recoveries after COVID periods, but if the new data for 2021 will be soon released for this data collection cycle, which we expect to see a bounce back as we saw the supply side. The concept of oil products has been classified into several products. Let's first begin with the primary oil products. Primary oil products means that the product hasn't go through the refiner process. So it is the primary source of the oil. So it consists of the crude oil, condensates, natural gas liquids, etc. On the other hand, we also have finished the secondary oil products that are refinery gas, LPG, or NAFTA, motor gasoline, etc. Here, the linkage between these two is through this refinery process. And we see that these are the primary oil products. And not only this input to the refinery contains crude oil, condensates, etc. But also it has secondary product into inputs to refineries such as additive blending components or refinery feedstocks. Note that the specification defining these various oil products are available in the IRS, our manual, or in the oil reporting instructions for those familiar with the joint annual oil questionnaire. Just to touch specifically now on the condensates, which are high quality, light and versatile oil, meeting fewer refiner process before using. For example, condensates can be directly used as a petrochemical feedstock to produce synthetic material. Broadly speaking, there are basically two kinds of condensates as reported in the oil questionnaire. First, we call it field condensate that is recovered from associated and non-associated gas fields. And on the other hand, there we also have a type of plant condensate that is recovered in natural gas processing plants or separation facilities. Oil classification can be done also using different indicators. First, we have a density here. As we all know that most of oil is lighter than water, but extra heavy oils have higher density than water. The specific gravity or density of the liquid is needed to convert properly from mass to volume and vice versa. We can also classify oil using the server content inside. Depending on the degree of server content, we can classify between sweet or sour crowd. Finally, energy content. We normally call it net calorific values and depending on its net calorific values information, it can be divided into several oil products. And as we are seeing on the right-hand side of the table, we also collect these net calorific values by flows here. We are collecting NCV or production imports and exports. And using this weighted average, we can derive the final average NCV of that specific oil product. Collecting this information is very essential because it helps us to convert the mass unit of the oil products to the energy units such as KTOE or TerraJoule. And at the end, it has an impact on the calculation of CO2 emission inventory. It's a continued slide just to show you that crude oils have a wide range of the physical and chemical processes, properties, and the two pie charts here shows that depending on if the light or heavy or sweet or sour crude oil, it tends to have a different shape of the crude oil. And finally, it is worth mentioning that the refinery specification determines the type of input and output of the refinery yields. So it is common that configuring a refinery is expensive and not always the economical option. So we expect to see a stable refinery output from one refinery plant or in general like from the national perspective that is really, really useful for us to validate the energy data quality. For example, here we brought refinery yields across from 2001 to 2015 and looking through these historical time series and its refinery yields in 2011, we observe a strange or kind of outlier of the refinery yields which make us to validate this data to the data provider. Now let's have a look at the oil balance from production to the end user side. So first, because we mentioned that there are two types of oil for like one is primary oil products and second is secondary oil products. Let's first have a look at the supply of primary oil products. First, it all starts with this indigenous production. As we already saw in the other colleagues presentation, gas, etc. It all starts from this production from the reservoir. However, it is point it should be pointed out that in our oil balance in our oil annual questionnaire we always focus on the production amounts of the marketable status. Now we have from other sources, which means that these products are already covered by the other bills. One good example is the biofuels blended into conventional motor gasoline or diesel oil. And because it is blended with the conventional oil products, we treat them as we treat the source from other sources, in this case renewable sources, and we collect this information in our questionnaire. And we have import and export and stock draw and build just like the other fuels. And this is the specification that oil data has, which is the activity of the petrochemical industry. Since petrochemical industry both consumes and also at the same time produces the energy products out of their process to avoid the double counting and to account for properly those values. We have this specific flow called back flows to take into account those amounts that are coming back to the supply side to be feeding to the refinery process or directly sold to the to the vendors. We use this specific flows to to account for this, this data. And not all primary oil products go through the refinery process, it can be just directly used to generate the heat. And for this we have a flow called direct use products transferred this flow is is is focused on the products that is for secondary oil products that have been reclassified as feedstocks for further processing in the refinery, without having first been delivered to the final consumers. For example, lifetime ported for operating would be forced to be ported as imports of NAFTA, then it will be transferred as products, like transfer of the refiner feedstocks for further processing. Notice here that the arrow is going into this this supply side meaning these quantities are adding into the supply of the total primary oil products. Now moving on to the supply side of the secondary oil products. It all comes from these refinery plants as refinery gross output. Some of them are used to operate those refinery plants, which we for which we collect data for refinery fuel. And inter product transfers, depending on its characteristics of oil products, it can be reclassified into another type of secondary oil products. For this we use the specific flow inter product transfers. Here's one simple schematic view to show you some examples here to show you that there is a tendency of the convert reclassification. Generally like inter product transfers are more likely to happen from lighter to heavier oil products, products transferred. Now we see again this products transferred this flow allows for the movements of the secondary oil products, which have not yet been delivered to the final consumers to be reported as feedstocks to be reprocessed in the refinery. Notice that, unlike in the earlier side, the arrow here means that the oil products reported as products transferred are discounted from the supply of secondary oil products, going to the inland deliveries, because these go back in as inputs into the refinery for further process. So it is deducted from gross inland deliveries of secondary oil products. One good example again is biofuels. If we mix land, some of the bio gasoline or ethanol biodiesel into multi gasoline or bio non bio gas diesel oil. We use this specific flow primary product resets because it is bio fuels doesn't go through the refinery process, but it will be blended into conventional oil products. Recycled products. Yeah, if the finished products that pass a second time through the marketing network after having been once delivered to the final consumers. One one good example is to use the rule lubricants with your reprocessed, then all of these recycled products can be reported under this flow. And international marine bunkers, just like the other fuels, if it is used for the national voyage, then we can separately for those amounts. And trade take place for secondary oil products and stock building and drawing also take place for secondary oil products. I'm using all of these components we can derive gross inland delivers here. The benefit of having a balance well balance of transformation is that we can derive the efficiency of the refinery process. So using all of the input to the refinery plant we call we call refiner intake on the left hand side, and using the refiner gross output. We can calculate if we have refiner losses or gains. Here, the unit is unit it matters because depending on which unit we are looking at the final outcome can be a legit or or not, for example, mass unit if you're using the mass units, or volume units, it is depending on calorific values or the characteristics of all products, we can have we might have some refinery gains. However, in terms of energy units, we are expecting to we are not expecting expecting to see a refinery gains. And here I put the formula to calculate the refinery yield. International marine bunkers, it accounts for a large portion of the oil consumption. Because as it as the name literally means that it shows the oil consumption that is destined for international travel or voyage. It matters because it is very important outlet for the refinery refining industry and 80% of global trade in physical goods is done by sea so we can tell that it really consumes a large portion. A large portion of the oil demands. And finally, it is, I want to highlight that the distinction between national and international navigation is very important because it impacts on the final calculation of the emission inventories. So what is consumed for international bunkers is is excluded from national inventory calculation. When we look at the final consumption parts, there are, depending on the specific properties of oil products, there are certain users or economic sectors that are using specific oil. One good example of jet tower scene, we are expecting mainly to see it is mainly used by the aviation and gasoline diesel road transport should be the good, like, most likely to be the largest, largest consumer among each sectors. And between, for example, it is, we're expecting it is mainly used for for non energy use. Here the picture shows the the paveway. So, this is slide where you can access to various outputs and reports analysis from the agency. And now we've got to to arrive to explain the key points for reporting annual oils. When it comes to the reporting system we have joint annual questionnaire for oil. And it is composed of a various tables as we see here. And it all connected to each other, so that it can help us to validate the data, and to make sure that the data reported in each table in the oil questionnaire, and the data reported in each fuel questionnaire are all consistent. And here on the left hand side, and we can see some arrows and relationship between renewables called natural gas and electricity and heat questionnaire with oil questionnaire. And this questionnaire thing, we can have a, like people look at the exercise session. And here I just want to highlight some tricky issues that we are commonly facing. Which is the reporting of natural gas liquids. So we call it NGL. And NGL is, it can be processed, first of all, in the refinery. It is one option. The final product and the supply of its NGL is reported respectively in table two and table one. And we have another case where we consume NGL rather directly. And in that case, we only report these amounts that is directly used under direct use flow. And as a result, because it doesn't go through the refinery process in table 2A, we report that under primary product resets flow. At the end, if it is reclassified into another product, then we can use flow called inter product transfers. Another tricky reporting topic is relating to these biofuel blended with other oil products. So most common example is bioethanol or biogasoline that is blended into motor gasoline. And if it is pure status of the biofuel, we only report that in the renewable questionnaire. However, if it is blended into conventional non bio gasoline, motor gasoline, then the way that we report is slightly different. Here you can see the example and here and 100 kiloton of biofuels. First, in the oil questionnaire, we report that under resets from other sources, because it is already traded in the renewable questionnaire. It can be imported from other countries or it can be produced in the domestically. And since that 100 kiloton is already covered by renewable questionnaire, in the oil questionnaire, we report that under resets from other sources. And in the in the secondary oil products, as a secondary oil products in table 2A, we again reported under primary product resets. And we have a, by doing that, we can add up two components biogasoline and non biogasoline to to make a total more gasoline inland deliveries. We always check the consistency between these two so that we have a proper accounting, especially for biofuels. And final tricky point is how we report the data relating to the petrochemical flows. As you know, like the petrochemical sector is evolving and they are not just consuming the energy products, but also they are producing energy products and or non energy products. So between refinery and gross inland deliveries, we have a specific table called table 2B where we collect all the energy consumption to the petrochemical sector. And depending on the final outcome, it could be the energy output that will be again used as a feedstocks to go through the refinery process. For this, we have a specific flow here, we're looking at the backflows to refineries, and this contributes again to the refinery refiner intake. Or it can be directly exported or sale without going through the refinery process. On the other hand, it also produces some non energy use outputs, and this makes us to clearly and correctly report all the oil inputs for energy use and non energy use will report that in the oil balance. However, these non energy output from the petrochemical plants, we are not collecting the data. So net deliveries to petrochemical industry is calculated by subtracting the backflows to refineries from gross deliveries to petrochemical industry. So this, this comes to my end of my presentation. And I hope you like it. It's a bit complicated, but I'm really happy to receive any questions.