Countries that hastily moved into energy transition without considering affordability are seeing de-industrialization and lost competitive edge

90% of upstream investment since 2019 went to offset oil field decline of 4-6% annually, requiring 6 million barrels yearly just to maintain current production

First major decline in oil and gas investment this year - 6% in oil, 4% combined - with inflation making investment dollars less effective

Continued investment decline will erode limited spare capacity (mostly in Saudi Arabia) and lead to supply crunch