Falling global inventories of oil in early 2023 will push Brent prices back above $90/b by the beginning of the second quarter of 2023 (2Q23). The Brent crude oil spot price will average $92/b for all of 2023.

Japan aims to expand offshore wind energy capacity to 10 GW by 2030 and 30-45 GW by 2040.

Masdar, along with its Dutch joint venture company Infinity Power and Hassan Allam Utilities, has signed a memorandum of understanding (MOU) with Egypt’s Ministry of Electricity and Renewable Energy to construct a 10 GW onshore wind project in Egypt.

Growth in OPEC and non-OPEC oil production—most notably production in the United States— keeps the Brent crude oil price in our forecast lower on an annual average basis in 2023 than in 2022. Brent crude oil price will begin rising in 2H23.

In the third tender Germany seeks innovation proposals with a combined capacity of 397.2 MW and a price cap of about €7c/kWh.

The AMAN project, located in the Dakhlet Nouadhibou and Inchiri regions of Mauritania, will include 18GW of wind capacity and 12GW of solar capacity.

China’s offshore wind capacity stood at 26.4 GW by end-2021. This is the world's largest offshore wind installed capacity, followed by the United Kingdom (12.7 GW).

The Department of Energy said Thursday it issued 40 offshore wind service contracts with a potential capacity of 30,000 megawatts.

The Brent crude oil spot price averages $93 per barrel (b) in the fourth quarter of 2022 (4Q22) and $95/b in 2023.

In 2021, solar and wind accounted for nearly 20% of installed capacity in India, with respectively 49 GW and 40 GW. The country aims to develop 175 GW of renewable capacity by the end of 2022, including 100 GW of solar.

Renewable generation sources include conventional hydropower, wind, solar, geothermal, and biomass. In the United States, most renewable electricity generation comes from hydropower, solar, and wind.

The Brent crude oil spot price averages $98 per barrel (b) in the fourth quarter of 2022 (4Q22) and $97/b in 2023.

U.S. electricity generation from renewable sources, such as hydropower, wind, and solar, accounted for 20% of electricity generation both in 2020 and in 2021.

The spot price of Brent crude oil averaged $71 per barrel (b) in 2021, and we forecast the Brent price will average $104/b in 2022 and $94/b in 2023.

The first project, with a capacity of 1 GW, may be supplemented later by a second plant of 1 GW, which could have either fixed foundations or floating wind turbines anchored to the ocean floor.