<p>The oil industry is in an investment upcycle, even though the demand rebound after the COVID-19 pandemic has largely abated. Whilst the low-carbon energy system roll-out continues, oil will continue to meet global energy demand and define energy security for years to come. Delivering the necessary supply at a reasonable cost will underpin upstream capital expenditure and energy security, but the corresponding oil consumption will leave the world well short of the goal of the Paris Agreement to limit global warming to below 1.5&deg;C.</p>

<p>What is the outlook for global oil demand? Where will investments in upstream oil production be directed in the coming years? What are the trends in upstream CAPEX and what is driving these changes? What are the risks and vulnerabilities related to upstream CAPEX?</p>
