According to the IEA, the world oil market is likely to be heavily oversupplied in 2030

According to the International Energy Agency, the oil market could be several million barrels a day oversupplied by the end of the decade. While global demand for oil could peak before 2030, continued investment in exploration and production could lead to an oversupply that the IEA estimates at 8 million barrels a day in 2030. Such an imbalance would inevitably have a significant impact on oil prices and on the financial situation of oil companies. Investment in the upstream oil sector has reached $538 billion in 2023, driven by national oil companies in the Middle East and China.