In this Global Energy Outlook Forum Europe interview,Christof Rühl says 2026 will remain shaped by geopolitical and macrouncertainty, with inflation a key risk in advanced economies. He expects USgrowth to outperform, supported by fiscal policy, while oil demand slows andgas and power demand rise. Rühl argues AI-driven electricity demand and USenergy dominance reinforce fundamentals over geopolitics in pricing.