Current News of the Oil and Gas and Energy Sector as of 7 January 2026: Oil, Gas, Electricity, Renewable Energy Sources, Coal, Oil Products and Key Events in the Global Fuel and Energy Market. Analytics for Investors and Energy Market Participants.
The current developments in the fuel and energy complex (FEC) as of 7 January 2026 are attracting the attention of investors and market participants due to their contradictory nature. The start of the new year has been marked by an unprecedented geopolitical move – the USA has effectively taken control of the situation in Venezuela by arresting President Nicolás Maduro; however, oil prices surprisingly reacted with calm to this shock. The global oil market continues to feel the pressure from an oversupply and moderate demand: benchmark Brent prices have stabilised around $60 per barrel after the most significant annual decline since the pandemic year of 2020. The European gas market is entering mid-winter without signs of turmoil: gas storage levels remain at a comfortable level, and prices have stabilised at moderate rates. In Russia, which experienced a spike in fuel prices last year, authorities are continuing manual regulation of the oil product market to keep domestic prices in check. Below is a detailed overview of the key news and trends in the oil, gas, electricity and raw materials sectors on this date.
Oil Market: Oversupply and Cautious Demand Result in Low Prices
Global oil prices remain under pressure from fundamental factors of oversupply and cooling demand. In the early days of 2026, North Sea Brent is trading around $60–62 per barrel, while American WTI is in the range of $55–58. By the end of 2025, oil prices declined by approximately 18%, reflecting both increased production and a slowdown in the global economy, marking the steepest annual decrease since 2020. The OPEC+ alliance decided in November to suspend the planned output increase that was to take effect at the beginning of 2026, citing an "overly saturated market" and seeking to prevent further price declines. Major exporters, particularly Saudi Arabia and Russia, are focusing on maintaining market share: Riyadh has reduced official prices for Asian buyers for the third consecutive time, signalling a readiness to compete for sales. Despite geopolitical shocks – such as the crisis in Venezuela – oil traders are cautiously assessing the outlook: without a serious shortage in the market, prices are unlikely to gain sustainable upward momentum. A number of analysts predict further slight price declines and do not rule out a drop in Brent to $50 per barrel by mid-year if current trends persist.
Gas Market: Comfortable Stocks in Europe Keep Prices in Check
The gas market is primarily focused on the situation in Europe, which is experiencing winter in a much calmer manner than last year. EU countries have successfully accumulated substantial gas stocks: by early January, Europe's underground storage facilities are still over two-thirds full from maximum capacity, significantly higher than historical averages for mid-winter. Thanks to this and stable supplies of liquefied natural gas (LNG), gas prices are kept at moderate levels: February futures at the TTF hub are quoted around €28–30/MWh, considerably lower than the peak values from the 2022 crisis. The active inflow of LNG continues: in 2025, LNG imports to Europe reached a record 100 million tonnes, helping to compensate for reduced pipeline supplies from Russia. As we enter 2026, additional volumes of LNG are hitting the global market, intensifying competition. Experts warn that in the absence of demand growth from Asia, the gas surplus may increase – some exporters might have to cut sales due to declining margins. For now, the balance in the European gas market appears stable: moderate prices ease the energy cost burden for industries and households, while the buffer of gas stocks instills confidence in the region's energy security.
Geopolitics: Crisis in Venezuela and Divisions within OPEC+ Do Not Undermine Market Stability
Two prominent political events have taken centre stage in the global energy sector. Firstly, Venezuela has found itself in an unprecedented crisis: on January 3, the USA announced the arrest of President Nicolás Maduro and intends to effectively take over the management of the country until a transitional government is formed. US President Donald Trump stated that he would engage American oil companies to restore Venezuela's dilapidated oil infrastructure and increase production. Investors received these moves without panic: although Venezuela possesses the largest oil reserves in the world, its current production is at a minimum, and even with an influx of investments, increasing output would take years. Secondly, within OPEC+, there have been revealed disagreements among key participants: Saudi Arabia and the UAE have entered into sharp conflict over the situation in Yemen, leading to the most serious rift among allies in decades. Nevertheless, the January meeting of the eight OPEC+ countries proceeded without drama: the participants unanimously supported maintaining the current production quotas, demonstrating commitment to a common strategy for the sake of market stability.
Asia: India and China – Balancing Imports and Domestic Production
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India: In a bid to ensure its energy security, India continues to actively procure available energy resources from abroad. Russian oil and oil products remain crucial for the Indian market due to significant discounts (around $5 off Brent prices), helping to keep domestic fuel prices in check. At the same time, the country is attempting to increase its own production, but large-scale projects (such as deepwater exploration initiated in 2025) are progressing slowly due to a lack of investment and technology. The Modi government is adhering to a policy of diversifying the energy balance: renewable energy is developing, and petroleum refining capacity is being increased to gradually reduce dependence on imports.
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China: In 2025, China imported record volumes of oil and natural gas, comparable to the previous year's levels, actively taking advantage of discounts on raw materials from Russia, Iran, and Venezuela to replenish its strategic reserves. Domestic oil and gas production also slightly increased (approximately 1–2%), but this is not sufficient: the Chinese economy continues to cover about 70% of its oil consumption and up to 40% of gas from imports. Beijing is investing significantly in exploring new fields, enhancing oil recovery technology, and accelerating the development of renewable energy projects; however, even with these efforts, in the coming years, China, like India, will remain one of the largest global importers of traditional energy resources.
Energy Transition: Growth in Renewable Energy Sources Accelerates, but Traditional Generation Remains Significant
The global transition to clean energy is noticeably accelerating. In many countries, 2025 saw new records in electricity generation from renewable sources (RES) – solar and wind power plants. In Europe, at the end of the year, total generation from solar and wind exceeded that from coal and gas power plants again, reinforcing the trend towards a gradual phase-out of coal. The world's largest energy companies are announcing substantial investments in "green" projects – from offshore wind farms to energy storage systems – striving to meet tightening environmental standards. Nevertheless, with the increasing share of RES, the burden on infrastructure rises: energy systems must adapt to unstable production. Countries maintain a reserve of traditional generation – gas, coal, and nuclear power plants continue to provide base load and network balancing. Experts expect that in the coming years, both renewable capacity and energy storage systems will continue to be actively built to ensure that the energy transition does not compromise the reliability of energy supply.
Coal: Demand Remains High Despite Decarbonisation Efforts
Despite efforts to reduce carbon emissions, global demand for coal remains high – primarily due to Asian countries. In 2025, global coal consumption approached record levels, as China and India continue to rely on this fuel resource to meet growing electricity demands. International coal prices stabilised after the peaks of 2022, while several developed countries reduced their use due to increased generation from RES. However, in the near term, coal will remain a significant part of the global energy balance, especially in areas where alternative energy sources are not sufficiently developed.
Russian Oil Product Market: Government Regulation Stabilises Prices
In Russia, following last year's fuel crisis, authorities continue manual regulation to stabilise prices. The government has extended the ban on gasoline exports and restrictions on diesel exports, introduced in the autumn of 2025, which, along with fuel sales from reserves, has helped saturate the domestic market – by January 2026, the deficit has been eliminated even in remote regions. Wholesale prices for oil products have stabilised, and at the end of the year, the first decline in retail gasoline prices in a long time was recorded – testament to the effectiveness of the measures taken. Market controls will remain in place to prevent new spikes: a mechanism for floating export duties and compensation for oil refiners ("damper") is under discussion. Representatives of the Ministry of Energy allow for a gradual lifting of restrictions in the second half of 2026, contingent on maintaining stability; however, the experience of recent months has shown that the state is prepared to intervene swiftly to protect the domestic market if necessary.
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