Abstract: Energy is a major issue related to the overall economic and social development of China.Maintaining a long-term stable and adequate supply of energy is always a major strategic issue that must be paid close attention to. The current domestic and international energy supply and demand situation is relatively tight, and the prices of coal, natural gas, electricity and other energy have risen sharply. However, in a longer period of time, the energy supply and demand situation is relatively loose, and the situation of oversupply will continue for a long time. The consumption of high-carbon energy such as coal and oil will continue to decline, and the consumption of natural gas and renewable energy will increase substantially. The recent phenomenon of “power rationing” reminds us to scientifically and orderly promote the realization of the goal of “carbon peak and neutrality”, but we can’t give it up because of “power rationing”. The timetable for achieving the goal of “carbon peak and neutrality” will not change. How to achieve the goal of “carbon peak and neutrality” is a tactical issue that requires us to make extremely hard work to achieve it. This paper analyzes the reasons for China’s “power rationing”, and the situation of energy supply and demand at home and abroad, and proposes the direction of China’s energy supply under the goal of “carbon peak and neutrality”. The main policy recommendations are: firstly, to explore ways and methods to achieve the goal of “carbon peak and neutrality”; secondly, to accelerate the establishment of a new development pattern of domestic and international dual-cycle oil and gas; thirdly, to adjust the management thinking of oil and gas resources and slow down the pace of decline in oil and gas exploration blocks; fourthly, to accelerate the development of non-fossil energy and optimize the energy structure; fifthly, to strive to lead the formulation of oil and gas trade rules in the Asia-Pacific region.