Global Oil, Gas, and Energy Sector News for Sunday, 8 February 2026: Oil, Gas, Refineries, Electricity, Renewables and Key Events in the Global Energy Market for Investors and Industry Participants.
At the beginning of February 2026, global oil prices remain volatile, balancing in the high $60 range per barrel (Brent around $68–70, WTI in the $64–66 range). Following a downturn at the end of 2025, prices have partially recovered due to coordinated actions by OPEC+ and specific geopolitical factors. However, overall market pressure persists due to oversupply and uncertainty in the global economy. This week, the European Union announced its 20th sanctions package against Russia, which includes a complete ban on servicing maritime transport of Russian oil and adds dozens of “shadow fleet” tankers to the sanctions list. These measures intensify the sanctions pressure on hydrocarbon exports from the Russian Federation. Concurrently, a sharp decline in Russian oil purchases is observed in India – data for January indicates imports have fallen by more than three times, signalling a possible reorientation of trade flows.
In the domestic market, the Russian government continues to closely monitor fuel prices: the Federal Antimonopoly Service has initiated unscheduled inspections of oil companies in response to inflation risks in this sector. The winter season has brought extreme cold and new consumption records: several regions have recorded peak loads on the energy system and historical highs in gas demand. Meanwhile, the global energy transition continues to gain momentum – investments in renewable energy are hitting records, and in the EU, the share of 'green' generation for 2025 has exceeded fossil fuel electricity production for the first time. In this review, we examine current trends in the oil and gas markets, analyse the position of the Russian fuel and energy complex, and highlight significant events in the coal, electricity, and renewable energy segments.
Oil Market
At the beginning of February, oil prices are showing cautious growth after falling in the second half of 2025. Brent quotes are holding around $68–70 per barrel, moving away from recent lows of around $60, largely thanks to signals from OPEC+ indicating support for the market. The alliance of major exporters suspended its planned production increase at the end of 2025 and confirmed its intention to maintain current production limits at least until the end of the first quarter of 2026. This decision is associated with seasonally weaker demand in winter and a desire to prevent overproduction in light of the fragile balance of supply and demand.
- OPEC+ Policy: Alliance participants continue to maintain significant production cuts (approximately 3.7 million barrels per day), instead of the previously planned increase, citing uncertainty in the global economy. OPEC expects global oil demand to grow by about +1.2 million barrels per day in 2026 (to over 105 million barrels per day), although it acknowledges that China's economic slowdown and high interest rates in the US and Europe may adjust these forecasts. Short-term geopolitical incidents (for instance, recent events in the Gulf) temporarily support prices, and the alliance confirms its readiness to respond promptly to external shocks.
- Geopolitics and Sanctions: The sanctions confrontation surrounding Russian oil continues to impact the market. The 20th sanctions package from the EU includes a ban on servicing maritime transport of oil from Russia: European companies are prohibited from insuring and financing tankers carrying Russian crude, and the “blacklists” of violating vessels are being expanded. These restrictions complicate export logistics and increase uncertainty for Russian suppliers. Meanwhile, key importers are searching for alternatives: India, previously the largest buyer of Russian oil at a discount, reduced its purchasing volumes to about a third of last year's levels in January. Russian officials assert that there are no fundamental changes in India’s approach to Russian oil, but the fact of import diversification signals the flexibility of Asian consumers and increased competition for sales markets.
The combination of these factors prevents oil prices from plummeting, but it also limits their growth potential. The market is factoring in both the risks of economic slowdown and the possibility of supply shortages in the second half of the year if sanctions significantly reduce availability. Consequently, quotations remain relatively stable, and volatility is limited in comparison to recent years.
Natural Gas Market
The winter period typically experiences heightened demand for natural gas, and the start of 2026 is no exception. Anomalous frost in Eurasia has led to increased gas consumption for heating and electricity generation. In Russia, daily gas withdrawals from the grid reached a historical maximum for two consecutive days at the beginning of February – elevated demand has been observed from both the residential sector and industry. Despite this, the European gas market remains within a comfortable price range. TTF quotations are oscillating around $10–12 per million BTU, which is significantly lower than the crisis peaks of 2022. Record LNG imports from the US, Qatar, and other countries have compensated for the abrupt reduction in pipeline supplies from Russia, while milder weather in late January alleviated pressure on storage facilities.
Meanwhile, Russia is redirecting its gas exports to the East. Pumping to China via the “Power of Siberia” pipeline continues to grow, alongside new LNG production facilities for the global market being launched. East Asian economies, especially China, are increasing gas consumption as industry recovers, but competition from cheap coal and expanding renewable energy sources restrains faster growth in demand.
Overall, the gas market has entered 2026 without the previous turbulence: prices have stabilised, and volatility has diminished to a minimal level for recent years.
Domestic Fuel Market in Russia
Russian authorities continue to control fuel prices. Following a surge in gasoline and diesel prices in the autumn of 2025, the government has intensified oversight: since January, the Federal Antimonopoly Service has been conducting checks on oil companies for collusion. In the event of signs of a shortage, authorities are prepared to limit fuel exports and subsidise oil refiners – these measures have already helped stabilise the situation at petrol stations, ensuring fuel remains accessible to consumers.
Government Policy and Cooperation
Strategic planning for the development of Russia’s fuel and energy complex is coming to the forefront amid new challenges. The Russian Ministry of Energy is updating programmes and strategies for the development of the energy sector in 2026, taking into account sanctions constraints and the global energy transition. A key focus is energy security and export diversification, with an emphasis on developing ties with countries in Asia, the Middle East, and Africa.
The international agenda also remains active. Disputes continue within the European Union regarding energy sanctions: for example, Hungary has openly declared its intention to block restrictions on the Russian nuclear industry, considering cooperation in peaceful nuclear energy critical for its energy system. This illustrates that consensus within the EU is hard-earned. Meanwhile, dialogue among key global energy players continues unabated. OPEC+ and Russia maintain mutual understanding regarding measures to stabilise the oil market. “Rosatom” continues to construct nuclear power plants abroad as per previously signed contracts.
Coal Sector
The Russian coal industry continues its reorientation towards Asian markets amid falling demand in Europe. There remains robust demand for thermal coal in Asian countries (China, India, etc.), which partly compensates for sanctions-related losses for Russian companies. The Russian government supports exporters with subsidies for coal transportation and promotes product quality improvements for competitive presence in eastern markets.
Electricity Sector
Extreme cold at the start of 2026 has led to record peaks in winter energy consumption. In Russia, load reached historical maximums, but the energy system managed without disruptions by deploying reserves. Likewise, Europe experienced no outages: reduced generation at hydropower plants due to a low-snow winter was offset by increased generation from gas and renewable sources. Modernisation of the energy sector continues: new gas and coal capacities with environmental improvements are being introduced, large solar and wind parks are being constructed, and energy storage systems and smart grids are being developed to enhance supply reliability and reduce carbon emissions.
Renewable Energy
The renewable energy sector continues to experience rapid growth worldwide, confirming the irreversibility of the energy transition. According to the latest report from the International Renewable Energy Agency (IRENA), global installed renewable energy capacity rose by a record 585 GW (+15%) in 2024, accounting for over 90% of total generation growth. Preliminary data for 2025 indicates that this trend is being maintained: an investment boom and technology cost reductions enable the annual introduction of increasing volumes of solar and wind power plants. In several countries, renewable energy has taken a leading position. In the EU, the share of renewable generation reached 48% in 2025, surpassing the contribution from fossil fuels for the first time. This growth has been particularly driven by a surge in solar energy (over 20% year-on-year).
Many countries have raised their targets for the share of renewables by 2030 and are launching additional incentives for the sector. Concurrently, interest in energy storage technologies, carbon capture, and green hydrogen is increasing – indicating a more holistic approach to decarbonisation. Although the pace of transformations must still escalate to meet climate commitments, trends observed in 2024–2025 evoke cautious optimism. Renewable energy has already become one of the main drivers of investment and innovation in the global energy sector, determining the long-term developmental vector of the industry.
