New oilfield discoveries may soon become stranded assets, according to the International Energy Agency (IEA). The agency predicts that peak oil will be reached by the end of this decade due to increasing demand for electric vehicles. In 2022, 20% of global car sales were electric, with a projected rise to nearly 50% by 2030. This shift is expected to lead to decreased oil demand and new oilfields becoming unprofitable investments.

Source: https://www.theguardian.com/news/2024/oct/25/weatherwatch-will-new-oilfields-become-stranded-assets