The long-term outlook for global oil supply this update is impacted by several factors, but perhaps most prominent is the effect of accelerating energy transition. As energy transition gains momentum, we have seen large downward revisions to global oil demand post-2035, which has resulted in substantial downgrades to supply in the same period. New sources of supply are still required to meet 2050 demand, with the focus on investment in the most advantaged barrels: those with the lowest breakeven, lowest carbon, good markets and low risk. Liquids capacity is revised upward by 0.4 million b/d to 2030, most notably due to US Lower 48 and to a lesser extent China and Russia. Post-2035, downward revisions dominate, averaging 2.4 million b/d.