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XOMCVXOXYDVNEQTCVECNQTRPBULL CASECore thesis · 5/5

Underinvestment drives late-2020s structural oil deficit

The structural oil shortage expected by late 2029 or early 2030 stems from a decade-long shortfall in sustaining capital, framing energy producers as attractive long-term holdings despite short-term geopolitical swings.

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NOT INVESTMENT ADVICE · A SUMMARY OF WHAT WAS SAID ON THE PODCAST · VERIFY AGAINST THE SOURCE