• We are still projecting the continued growth of about 4.2 million BPD in 2022
• The world is facing a possible threat to supply from Russian Federation
• The perception of consumers of the war is it that this threat whether it materializes or not is already reverberating through the markets
• For US in OPEC, the focus remains the principal remains stability in the global markets
• OPEC wants to make sure security of supply is guaranteed
• We are in the final stretch of returning 5.8 million barrels per day to global markets from the supply cuts post pandemic
• Should be finished adding back supply by September of this year
• We have no control over current events as geopolitics have overtaken the market and is dictating the pace of the market