As the world transitions to a less carbon-intensive future, Norwegian energy intelligence firm Rystad Energy forecasts that the global inventory of already discovered oil fields with a breakeven oil price of below $60 Brent (real) is sufficient to meet demand growth and offset declines from maturing fields until around 2027. From that point on, however, additional volumes from not-yet-discovered fields will be needed in order to meet total liquids demand.
Global exploration efforts must, therefore, continue in order to discover those resources in the first place, even under a scenario whereby oil demand peaks in the late 2020s. In addition, operators will need to empty their portfolio of unsanctioned commercial discoveries over the coming years.
Brazil Energy Insight 
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