Geopolitics is an overarching characteristic of much of this outlook for the key themes in the global energy economy in 2025. The start of Donald Trump’s second term in the White House will herald new pressures to multiple layers of the global economy, from trade to labour, monetary policy to energy. This year’s report assesses another tight year for global LNG, China’s potential role as a swing consumer and Europe’s rising need to replenish gas storage over the summer months. It updates OPEC+ oil market strategy, the outlook for COP, energy transition and Russia’s pivot to Asia as it seeks to replace its lost European energy markets.