睿咨得能源：2026年全球能源宏观分析报告：当前供应过剩 未来格局分化（第二版）（英文版）

The global energy system is entering a two-phase cycle. In the near term, markets are defined by abundance. In the longer term, by tightening supply, rising marginal costs and geopolitical fragmentation. Over the next one to two years, markets remain comfortably supplied, barring major geopolitical disruptions. Higher OPEC output, LNG capacity additions led by the US, and solar PV oversupply in China keep prices contained. This temporary glut suppresses investment signals and reinforces the p