Oil: $542 Billion Investment Needed vs Current $352 billion?

Will oil investments need to rise dramatically in order to avoid a supply crunch? OilPrice (Oct 7) discusses a report from Moody's.

Here are the highlights:

1. Annual oil investments need to increase from $352 billion to $542 billion in the near term.

2. Capital budgets aren't expected to grow that much in 2022.

This appears to align with what IEA said back in May 2020 when they mention that if oil investments don't recover that we could see issues starting in 2025. In that same blog post I mentioned that Wood Mackenzie had also come to a similar conclusion though they mentioned "later this decade," which might be interpreted as saying as far off as 2029. Interestingly, you'll find that Wood Mackenzie anticipated that 2021 investments would come in at $300 billion while Moody's has the number at $352 billion. Have 2021 investments already increased $52 billion above what they were forecasted to be in 2020 or are Wood Mackenzie and Moody's using slightly different interpretations? What makes me think they might have different interpretations is that IEA has 2020 investments at $347 billion. I mean, would investments in 2021 really drop from $347 billion to $300 billion and then back up to $352 billion? Doubt it.