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Her bundles with us with you and a credit.

Harm, let me start with the original paper that I saw from you a million years ago

where you looked at Saudi Arabia and the dynamics of oil. I know it's off your

remit now at UNIC Credit, but harm bundles on oil. Is there a chance we could

revisit those shockingly low prices of a number of quarters ago?

Well I think after the price movements that we have seen over the past I would say

one and a half years or so we cannot rule out anything. I think everybody who says

was a very strong conviction to know where oil price

six months ago. I would doubt that. But I mean our baseline is that we don't go down there.

Also because we have seen adjustments on the supply side also including in the US but also on the on the demand side all the

worries about a kind of a global growth recession.

They have faded, they are not completely,

have not gone away completely,

...