According to the IEA, investment in the oil sector will decline this year

The International Energy Agency forecasts a 6% decline in investment in the oil sector this year. This would be the first decline since the health crisis. Excluding 2020, investment in the oil sector had not fallen in the last ten years, with the exception of 2016, which was marked by a collapse in oil prices, with a low of $35 per barrel at the end of March 2016. Overall, the world will invest $1.1 trillion in fossil fuels in 2025, compared with $2.2 trillion in decarbonised energies (renewables, nuclear, batteries, electricity grids, low-carbon fuels and energy efficiency).