The oil market has been radically transformed over the past year. Oil is priced based on its origin and not just its quality. Trade flows have been fundamentally altered. The G-7 price cap is an effort to regulate the price at which third parties buy Russian oil. And at the same time, a major geopolitical story of our time—the US-China rivalry—continues to unfold and reshape investment, supply chains, and trade flows. EV sales are growing and climate concerns are driving aspirations to reduce oil consumption in major markets. How do these factors impact the future of oil investment, OPEC+, and how the oil market will function in the years ahead?