Supply Deficit Continues
An oil supply deficit has been continuing since late 2020. Shell acknowledged that its production had peaked in 2019 and was committed to net-zero by 2050.
https://oilprice.com/Energy/Crude-Oil/Shell-Says-Its-Oil-Production-Has-Peaked.html
Since 2020 the price of oil has continued to rise on a continuing supply deficit with shale production rates declining, rising exploration costs, dwindling reserves, curtailed capital expenditures in the face of increased risk and anti-fossil fuel sentiment, depleted fields, scarse new reserves being found, rising cost of secondary measures to squeeze more oil out, renewables failure to fill the gap in the face of rising demand.