Escalating hostilities between the U.S. and Iran cloud the outlook and could threaten the IEA’s forecast of a global oil supply surplus in 2027.

The National Energy Administration issued the Energy Sector Energy Conservation and Carbon Reduction Action Plan (2026–2028). It targets an average annual increase of about 1 percentage point in China’s non‑fossil energy consumption share through 2028; tighter control of coal consumption intensity at coal‑fired power units and a goal to raise the share of coal‑fired capacity meeting current efficiency benchmarks by about 15 percentage points; development of zero‑carbon and low‑carbon coal and oil fields; support for zero‑carbon industrial parks; and significant progress in energy savings and decarbonization in key industries to boost green energy use.

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