According to the China Petrochemical News "Global Oil and Gas Investment Needs to Increase 30% to Meet Energy Demand", energy consulting firm Wood Mackenzie predicts that global upstream oil and gas investment still needs to increase under the slowdown of energy transformation.

Commodity trader Vitol Group expects global oil demand to continue to grow by 2030, reaching nearly 110 million barrels per day. Most institutions in the industry predict that global oil demand will peak between 2030 and 2035. Few believe that global oil demand will drop sharply after peaking, and demand may remain at a relatively high level. But supply may find it difficult to catch up with demand.

Wood Mackenzie analysts say more will be needed to meet strong oil and gas demand. The global energy transition is likely to slow due to lower-than-expected investment, rising energy demand, and a renewed focus on energy security and affordability rather than sustainability. This opens the door for more investment in traditional energy sources such as oil and gas.

According to Wood Mackenzie's delayed energy transition scenario, these investments will still not be enough to meet the world's additional oil demand at current levels. In this scenario, upstream will need to provide an average of 6 million barrels of oil per day by 2050, an increase of 6% over the base case, and natural gas will need to increase by 3%, or 15 billion cubic feet per day. Analysts expect that global upstream investment in oil and gas will need to increase by 30% in the slowed energy transition scenario, from the current $500 billion per year to $660 billion per year.