In this interview, I discuss why I believe the energy and commodity bull market that began following COVID is part of a much larger structural cycle that could extend well into the 2030s. After more than a decade of underinvestment in traditional energy and commodity production, the world is facing a growing supply-demand imbalance that will take years and enormous amounts of capital to correct.

In this discussion, I explain the key forces driving my bullish outlook, including rising demand from emerging markets, declining investment in new supply, critical mineral shortages, constrained infrastructure and rapidly expanding electricity requirements. The growth of AI, data centres and electrification is creating an entirely new level of demand for reliable power, while bringing new oil, natural gas and commodity production online is becoming increasingly expensive and challenging.

I also discuss why many energy stocks may still be undervalued despite the sector’s recent gains, where I see investment opportunities across oil and gas producers, natural gas, oilfield services and pipelines, and why North American energy assets could command an increasing premium in the years ahead.

We also examine the broader forces shaping the commodity markets, including OPEC+, Venezuela, LNG expansion, critical minerals and the growing power requirements of data centres. Finally, I discuss the risks that could interrupt this cycle and what investors should be watching as we move into what I believe could be one of the most significant energy investment periods in decades.