The world’s oil production is running flat out, with consumption far outstripping new discoveries. According to Norwegian energy consultancy Rystad Energy, annual conventional discovered volumes averaged more than 20 billion barrels of oil equivalent (boe) per year in the early 2010s; however, they have averaged to slightly over 8 billion boe per year since 2020. Indeed, global oil discoveries have fallen sharply over the past decade. According to Rystad Energy, annual conventional discovered volumes averaged more than 20 billion barrels…