GEP：巨大的盈余-采购应如何适应石油结构性过剩报告（英文版）

Underneath short-term volatility, there's a structural shift in global oil markets: the emergence of persistent oversupply driven by efficiency-led production growth and slowing demand expansion. After the energy shocks of 2022–2023, upstream operators adopted strict capital discipline, prioritizing free cash flow and operational efficiency