Thoughts on the structural shift away from oil – premature or inevitable?

It's easy to get caught up in the short-term swings of WTI and Brent, especially with all the geopolitical noise. But I've been thinking about the longer game. There's a persistent narrative that we're inexorably shifting away from fossil fuels, driven by ESG, policy, and tech. You see it in the institutional money flow, the rhetoric from Davos, even some of the more optimistic renewable energy forecasts.

However, the reality on the ground, particularly in developing economies, suggests otherwise. Demand for traditional energy sources remains robust, and the build-out of alternatives is slow and capital-intensive. Is the market's current long-term discounting of oil just wishful thinking by a vocal minority, or is it a genuine reflection of an inevitable, albeit slow, structural decline? Happy to be pushed back on this.