According to IEA, global oil demand and supply are close to historically significant peaks at 100 mb/d, and neither show signs of ceasing to grow. Production has increased, driven by the US shale revolution, and supported by big increases in Brazil, Canada and elsewhere.
In the future, a large amount of potential supply could come from Iran, Iraq, Libya, Nigeria and Venezuela, if their challenges are addressed. IEA also notes that rising living standards, particularly in developing countries,...
https://safety4sea.com/iea-oil-demand-and-supply-are-close-to-historic-peaks/