January 2022

The Iranian Energy Ministry announced, last week, a plan to add another 10GW of renewable energy capacity over the next four years as part of an overall strategy to deploy 30GW of power generation capacity.

The country's installed capacity reached 99.8 GW by the end of 2021 (up from over 96 GW in late 2020).

The Spanish energy group Iberdrola has reached an agreement with the Philippine wind developer Triconti ECC Renewables and Switzerland's Stream Invest Holding to develop five offshore wind projects in the Philippines with a total capacity of 3.5 GW.

Brent were up 6 cents, or 0.07%, at $83.78 a barrel, WTI rose 20 cents, or 0.3%, to $81.42 a barrel .

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

The EU's Copernicus Climate Change Service (C3S) said in a report on Monday that the last seven years were the world's warmest "by a clear margin" in records dating back to 1850 and the average global temperature in 2021 was 1.1-1.2C above 1850-1900 levels.

National oil company Sinopec expects Chinese natural gas demand to reach 395 Bcm in 2022, up 7% from an estimated 370 Bcm in 2021, according to its research arm, Sinopec Economics & Development Research Institute.

In 2021, we produced 514.8 billion cubic meters of gas. This is the best result in the last 13 years.

Kazakhstan has 12% of the world's uranium resources and is the world's largest producer.