Woodside (WPL) Strategic Valuation, page-23

Far more relevant than the impact of EV's, here are two charts which are far more telling in terms of the foreseeable impact on oil markets:


US crude stocks currently at 10-year lows:


[Source: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W]



And this one, a bit more esoteric, but probably even more significant because it reflects an industry whose current production rate is reflective on all the hard work and capital investment that was made 2 to 3 years ago.  




[Source: https://www.eia.gov/petroleum/drilling/]


Just like the production rate going forward is going to reflect the work and capital investment happening today.... you get the picture.   

Before too long the current free ride in the US from the large bank of drilled, but uncompleted, wells (DUCs) that existed 2 years ago, will be over.

Good luck holding to the US trying to sustain 12 m bbl/day production, let alone getting back above 2019's 13 m bbl/day level.

.