As post-Covid recovery gathers momentum, so does the prospect for an accelerated de-carbonization. In our long-term 2021 outlook, with long-term demand projections revised down substantially, the industry needs to adapt to the challenge of a shifting landscape. However, robust investment is still required on the supply side to offset production declines in order to meet 96 million b/d of global demand in 2050. Key topics include: • When does global demand peak, and how far does it fall by 2050? • The challenge for US Lower 48 as core inventory is exhausted and producers face weaker long-term prices • The increasing reliance on OPEC barrels post-2030 • What is the trajectory of EV adoption and its impact on oil demand?