Global News from the Oil, Gas and Energy Sectors as of 13 January 2026: Venezuela, Geopolitics, Oil, Gas, Coal, Oil Products, Refineries, and Key Events in the Global Fuel and Energy Complex for Investors and Market Participants.
Current events in the fuel and energy complex (FEC) as of 13 January 2026 present a mixed picture for investors and market participants. A significant geopolitical shift has taken place in Venezuela: the new leadership of the country, supported by the USA, is seeking to restore oil production, instilling cautious optimism about an increase in global supply. At the same time, global oil prices continue to face pressure from oversupply and weakening demand - Brent crude is holding steady at around $60 per barrel after a significant drop last year. The European gas market is showing resilience even amidst a cold winter: gas storage facilities in the European Union are more than 80% full, and record LNG supplies are helping to keep prices at moderate levels. The global energy transition is gaining momentum – many countries are reporting new records in renewable energy (RES) generation, although to ensure the reliability of energy systems, governments are not abandoning traditional resources. In Russia, authorities are extending fuel export restrictions and implementing measures to stabilise the domestic oil product market following recent price spikes. Below is a detailed overview of key news and trends in the oil, gas, electricity, and commodity sectors as of this date.
Oil Market: Oversupply and Weak Demand Continue to Pressure Prices
The global oil market at the start of 2026 is maintaining relative price weakness amid oversupply. The benchmark Brent is trading around $60 per barrel, while American WTI is hovering between $55–57, representing the lowest levels in the past four years. In 2025, oil prices fell by approximately 20%, marking the weakest year since the pandemic-hit 2020. The main reasons include the recovery of production and export growth from key players, coupled with slowing demand growth.
Following the peaks of the energy crisis in 2022, many producers ramped up supplies: OPEC+ countries gradually lifted previously imposed production restrictions, and production in the USA reached a record 13.6 million barrels per day in 2025 (a slight decrease is expected in 2026). New projects are also contributing to the increase in global supply: oil production is rising in Brazil, Guyana, Canada, and other countries. During the recent weekend, OPEC+ maintained its quotas unchanged, aiming to protect the market from drastic fluctuations; however, analysts still estimate the oil surplus at 0.5–3 million barrels per day in the coming months. Overall, supply is currently outpacing demand, and until new factors emerge, the balance remains skewed towards oversupply, keeping oil prices at moderate levels.
Gas Market: Europe Endures Cold Winter Thanks to Reserves and LNG
The gas market is primarily focused on Europe, which is experiencing the initial months of winter without the previous turmoil. Despite an unusually cold December, European countries have managed to maintain high levels of reserves: according to Gas Infrastructure Europe, EU gas storage facilities were approximately 85% full at the beginning of January. This impressive reserve level is a result of the mild start to the winter, record volumes of LNG imports from the USA and Qatar, as well as energy-saving measures and declining industrial consumption. Even the wave of Arctic chill that struck Central Europe in late December only marginally increased gas withdrawals from storage, which were quickly offset by rising LNG supplies. Gas prices in the region are being kept at moderate levels, significantly lower than peak levels in 2022, and analysts predict a comfortable reserve by the end of the heating season (with expectations of at least 50–60% storage levels by spring). This indicates an increase in the resilience of the European gas market due to supply diversification and infrastructural reforms.
Globally, the gas market situation is also relatively stable. Demand in Asia is growing progressively, but without sharp fluctuations: China and India are increasing their LNG imports under long-term contracts, protecting themselves from spot price volatility. At the same time, new gas export capacities are being brought online - from LNG plants in North America to projects in the Middle East - increasing the available supply in the global market. This balance helps to avoid gas shortages even amidst local weather or geopolitical risks, keeping global gas prices within a relatively narrow range.
International Agenda: Sanctions Against Russia and Cautious Continuation of Dialogue
Relations between Russia and the West continue to influence the energy sector, although no significant progress has been made towards resolving the sanctions confrontation so far. Following the change in administration in Washington in 2025, contacts along the USA-Russia line have intensified: in August, the presidents of the two countries met in Alaska, signalling readiness to continue dialogue. Nevertheless, fundamental disagreements remain, and all major sanctions against the Russian FEC are still in place. Furthermore, in January, the USA imposed targeted restrictions against several intermediaries transporting Russian oil, aiming to strengthen control over compliance with the price cap.
However, analysts believe that the administration of President Donald Trump will not allow harsh measures that could spike global oil and gasoline prices in the USA; the priority remains to keep fuel costs down for consumers. Meanwhile, Europe is shifting towards a long-term reduction of dependence on Russian energy resources: the EU plans to extend mandatory target levels for gas storage and legally enshrine the cessation of pipeline gas imports from Russia. Russia itself is redirecting its oil and gas exports to alternative markets – primarily in Asia – offering significant price discounts to buyers from China, India, and other countries. This redistribution of flows mitigates the impact of sanctions, although it also reduces export revenues for Russian oil and gas companies.
Venezuela: Change of Leadership and Return of Oil to the Global Market
In early January, Venezuela, home to the world’s largest oil reserves, took centre stage. A sharp leadership change occurred in the country: following a US-backed operation, President Nicolás Maduro was deposed and taken into custody, with interim government led by Delcy Rodriguez in Caracas. The administration of Donald Trump promptly announced plans to attract up to $100 billion in investments to restore Venezuela's ailing oil sector and rapidly increase production. Initial deals for the export of Venezuelan oil are already being established: major trading houses Vitol (Netherlands) and Trafigura (Singapore) have received special licenses and have begun to ship crude from previously accumulated reserves.
Under an agreement with interim authorities, up to 50 million barrels of Venezuelan oil will be sold in the coming weeks to US refineries and other buyers, providing the country with much-needed cash inflows. However, large international oil companies are proceeding cautiously: after years of sanctions, Venezuela has accumulated debt problems, and its oil infrastructure has seriously degraded. Experts note that even with political support from the USA, restoring production to early 2010 levels (over 2 million barrels per day) will take several years. Nevertheless, Venezuela's return to the global oil market is already applying psychological pressure on prices, intensifying expectations of a prolonged oversupply.
Asia: India and China Balancing Between Imports and Domestic Production
- India: Under increasing pressure from Western sanctions and aiming to secure its energy needs, New Delhi has reduced its purchases of Russian oil and gas in recent months. The Indian government is diversifying its imports, focusing on supplies from the Middle East and its traditional partners. At the same time, the country is promoting domestic oil and gas production by attracting investment in the exploration of new fields. For the rapidly growing Indian economy, ensuring stable fuel supplies is a key priority, and thus India is trying to navigate between advantageous prices from sanctioned barrels and the risk of secondary sanctions.
- China: As the world’s largest importer of energy resources, China is continuing to increase its own hydrocarbon production, seeking to reduce dependence on external sources. In 2025, oil production in China grew and approached historical highs; however, domestic production covers only about 30% of the country's needs. Beijing is actively purchasing oil on external markets, taking advantage of favourable prices. China remains a major buyer of discounted Russian oil, although the overall import volume has stabilized due to economic slowdown. The Chinese government is concurrently investing in strategic oil reserves and concluding long-term gas supply contracts to secure energy supply amid geopolitical uncertainty.
Energy Transition: RES Records and the Role of Traditional Generation
The global transition to clean energy continues to accelerate. By the end of 2025, several countries reported record levels of electricity generation from renewable sources. For instance, in the European Union, the combined share of solar and wind energy in generation surpassed 60% temporarily in summer 2025; in China, the annual installation of solar and wind capacities reached a new historical maximum, while in the USA, renewable sources for the first time generated over 20% of the total electricity volume for the year. Investments in RES remain on the rise worldwide, driven both by environmental goals and the desire for energy independence.
However, ensuring the reliability of energy systems requires retaining traditional generation. Due to the variability of solar and wind energy, many countries are compelled to keep gas and coal power plants on standby to cover peak demand and prevent outages. Governments are postponing the decommissioning of certain coal-fired power plants and expanding energy storage system capabilities; however, fully abandoning oil, gas, and coal in the energy mix does not seem feasible at this point. Traditional energy resources continue to play a key role in meeting base demand while complementing the rapidly growing RES sector.
Coal: Consistently High Demand and Its Role in the Energy Balance
Despite the increasing focus on clean energy, the global coal market remains surprisingly resilient. Global coal demand in 2025 hovered around record levels, with only a slight decrease expected in 2026. The primary growth in consumption is supported by Asian economies, mainly China and India, where coal remains one of the main sources of electricity due to its availability and stable output. These countries are continuing to commission modern coal-fired power plants to meet rising demand, offsetting the decrease in coal use in Europe and North America.
International coal prices remain relatively high but without sharp spikes, reflecting a balance between demand and supply. Major exporters such as Indonesia, Australia, and Russia maintain a consistently high level of production and exports, allowing them to satisfy buyers' needs. For many developing countries, coal remains a critical part of the energy balance, ensuring energy supply for industries and citizens until alternative sources reach sufficient scales.
Russian Fuel Market: Measures to Stabilise Prices and Ensure Supplies
In the domestic oil product market of Russia, authorities are continuing to take steps to prevent price spikes and fuel shortages. Following a surge in wholesale gasoline and diesel prices last autumn, the government imposed export restrictions, which have been extended several times. In particular, the temporary ban on exporting automotive gasoline has recently been extended until the end of February 2026.
These measures are aimed at saturating the domestic market and reducing price tensions: previously, certain regions experienced supply disruptions and limits on fuel outflow at gas stations. Simultaneously, regulatory bodies have increased the norms for fuel sales on the exchange for oil companies and adjusted the damping mechanism for subsidies to make supplies to the domestic market more economically advantageous for refineries. As a result, by the beginning of 2026, the situation began to stabilise: wholesale prices stopped rising, and retail prices at gas stations slowed their growth. The government has stated that it is prepared to continue applying necessary tools - from increased export duties to direct interventions - to keep domestic fuel prices under control.
