🛢 🌐 📉 80% of global oil production now comes from post-peak fields.

Just 10% comes from fields that have yet to reach their peak... we are barely looking for new oil fields.

The Iran war is exacerbating this problem.

Normally, elevated oil prices lead to an increase in CapEx spending.

This time, Big Oil sees this clusterfuck going on and decides to return more cash to shareholders rather than investing to grow production.

Over the medium to long term, this will lead to lower production levels and higher oil prices.

📎 Lukas Ekwueme