Brent crude oil spot prices averaged $71 per barrel (b) in 2021, and we forecast Brent prices will average $75/b in 2022 and $68/b in 2023.

Global coal demand may well hit a new all-time high in the next two years

Instead, the West – or at least the liberal West – has adopted the fantasy of 100% renewable energy within decades, in which both nuclear power and fossil fuels are eliminated.

Renewable generation could not replace conventional fossil and nuclear generation when there was low/no wind and solar.

The CEEAG also feature dedicated sections for aid incentivising investments in flagship areas such as energy performance of buildings, and clean mobility, covering all transport modes.

Demand for coal was particularly strong in the first half of 2021, cutting into stock levels and pushing up prices

We expect Brent prices will average $71/b in December and $73/b in the first quarter of 2022 (1Q22). For 2022 as a whole, we expect that growth in production from OPEC+, of U.S. tight oil, and from other non-OPEC countries will outpace slowing growth in global oil consumption, especially in light of renewed concerns about COVID-19 variants. We expect Brent prices will remain near current levels in 2022, averaging $70/b.

Сотрудничество России и КНР в ТЭК за последнее десятилетие успешно развивается и вышло на беспрецедентно высокий уровень благодаря совместным усилиям лидеров стран.

Germany will also support the extension of carbon trading to providers of heating and transport, and the introduction of a CO2 border adjustment mechanism at the EU level.

"A total of 8 to 16 coal-fired power plants will be offline from Dec. 1 to Feb. 28 as part of efforts to reduce fine dust emissions in the winter period," the Ministry of Trade, Industry and Energy said in a statement.

The Vietnamese government on Nov. 19 held a conference to discuss possible changes to its draft power development plan over 2021-2030 with a vision to 2045, called PDP8, which provides the road map for its power sector including an exhaustive list of proposed projects.

The revised EEAG, also called Climate, Environmental Protection and Energy Aid Guidelines (CEEAG), foreseen to apply from 2022, is likely to ban state support for projects involving fossil fuels, in particular oil, coal and lignite.

Coal stocks at ports and power plants have been picking up quickly, with stocks in power plants hitting 129 million tonnes as of Nov. 14 and expected to hit 140 million tonnes by the end of November,

Indonesia could target emissions on the use of fossil fuels such as coal, diesel and gasoline by factories and vehicles.

History suggests political performance never exceeds the pledge. 2°C is therefore inevitable.