The fund returned -14.1 percent, or -1,637 billion kroner, in a year of rising interest rates, high inflation and war in Europe. However, the market value of the fund increased by 90 million kroner in 2022.

Prior to the sanctions, between October 2021 and September 2022, diesel imports from Russia made up 53% of Northwest Europe’s seaborne imports.

The Brent crude oil spot price will fall from an average of $84/b in the second quarter of 2023 (2Q23) to $81/b in 4Q23 and then average $78/b in 2024.

Preliminary production figures for January 2023 show an average daily production of 1 979 000 barrels of oil, NGL and condensate.

We can replace all crude oil with cellulosic biomass (corn stover, forest debris, etc.) liquid drop-in hydrocarbons if the conversion process uses massive external sources of heat and hydrogen.

spot price of Brent crude oil falls to an average of $82/b in 2H23 and $78/b in 2024.

Russia’s natural gas production fell by more than 13% in 2022, according to preliminary data published by the Russian state statistics service Rosstat.

The transition to a low-carbon world requires a range of other energy sources and technologies, including low-carbon hydrogen, modern bioenergy, and carbon capture, use and storage.

In 2022, the Government Pension Fund Global returned -14.1 percent, equivalent to -1,637 billion kroner.

According to the latest issue of FERC's monthly "Energy Infrastructure Update" (with data through November 30, 2022), "high probability" additions by solar to U.S. generating capacity between December 2022 and November 2025 will total 72,809 megawatts (MW).

Preliminary production figures for December 2022 show an average daily production of 1 983 000 barrels of oil, NGL and condensate.

China's natural gas imports also fell, by 9.9% to 109.25 Mt in 2022 (121.26 Mt in 2021). LNG imports dropped by 19% to 64.13 Mt in 2022 (79.3 Mt in 2021). Similarly, China’s coal imports fell 9.2% to 293.2 Mt in 2022 (335 Mt in 2021).

The Brent crude oil price will average $83 per barrel (b) in 2023, down 18% from 2022, and continue to fall to $78/b in 2024 as global oil inventories build, putting downward pressure on crude oil prices.

Russian sales of LNG doubled from a year earlier to 852,000 tons in November, despite a 5.4% decline in China’s total purchases of the super-chilled fuel, according to Chinese customs data.

Russia and Iran, under tremendous pressure from sanctions, are turning toward each other—and they’re both looking eastward, too.