Current News in the Oil, Gas, and Energy Sector as of January 7, 2026: Oil, Gas, Electricity, Renewables, Coal, Oil Products and Key Events in the Global Energy Market. Analytics for Investors and Market Participants.
The latest developments in the fuel and energy complex (FEC) as of January 7, 2026, are capturing the attention of investors and market participants due to their contradictions. The start of the new year has been marked by an unprecedented geopolitical move—the U.S. effectively took control of the situation in Venezuela by arresting President Nicolás Maduro; however, oil prices reacted surprisingly calmly to this shock. The global oil market continues to face pressure from oversupply and moderate demand: benchmark Brent prices have stabilized around $60 per barrel after the most significant annual drop since the pandemic of 2020. The European gas market enters the mid-winter period without signs of a frenzy: gas reserves in storage facilities remain at comfortable levels, and prices have stabilized at moderate levels. In Russia, which experienced a spike in fuel prices last year, authorities continue to exert manual control over the oil products market to keep domestic prices in check. Below is a detailed overview of key news and trends in the oil, gas, electricity, and raw materials sectors as of this date.
Oil Market: Oversupply and Cautious Demand Define 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 within the range of $55–58. By the end of 2025, oil prices fell by approximately 18%, marking the sharpest annual decline since 2020—reflecting both an increase in production and a slowing global economy. The OPEC+ alliance decided in November to suspend a planned increase in production at the beginning of 2026, citing an "excessively saturated market" while attempting to prevent further price declines. Major exporters, primarily Saudi Arabia and Russia, are focusing on maintaining market share: Riyadh has consecutively lowered official prices for Asian buyers for the third time, signaling a readiness to compete for sales. Despite geopolitical upheavals—such as the crisis in Venezuela—oil traders are cautiously assessing prospects: without a serious shortage in the market, prices are unlikely to gain sustainable momentum for growth. A number of analysts predict continued moderate 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 Reserves in Europe Keep Prices Under Control
The gas market is centered on the situation in Europe, which is experiencing winter much more calmly than the previous year. EU countries have successfully amassed large gas reserves: by early January, underground storage capacities in Europe remain over two-thirds filled, significantly above historical averages for mid-winter. Thanks to this and stable liquefied natural gas (LNG) supplies, gas prices are held at moderate levels: February futures at the TTF hub are quoted around €28–30/MWh, drastically lower than peak values during the 2022 crisis. The influx of LNG continues actively: by the end of 2025, imports of liquefied gas into Europe reached a record 100 million tons, helping to offset a decrease in pipeline supplies from Russia. By the start of 2026, additional volumes of LNG are entering the global market, intensifying competition. Experts warn that without growth in Asian demand, the oversupply of gas may increase—forcing some exporters 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 industry and households, while the buffer of gas reserves instills confidence in the region's energy security.
Geopolitics: Crisis in Venezuela and Rift within OPEC+ Do Not Undermine Market Stability
Two significant political events have taken center stage in the global energy sector. First, an unprecedented crisis has erupted in Venezuela: on January 3, the U.S. announced the arrest of President Nicolás Maduro and its intention to effectively take control of the country until a transitional government is formed. U.S. President Donald Trump stated that American oil companies would be called upon to restore Venezuela’s dilapidated oil infrastructure and increase production. Investors reacted to these moves without panic: although Venezuela holds the world’s largest oil reserves, its current production is minimal, and even with an influx of investment, any growth in supply will take years. Secondly, within OPEC+ itself, disagreements have emerged among key participants: Saudi Arabia and the UAE have entered into a sharp conflict over the situation in Yemen, leading to the most significant rift among allies in decades. Nevertheless, the January meeting of the eight OPEC+ countries was conducted without drama, with participants unanimously supporting the maintenance of current production quotas, demonstrating commitment to a unified strategy for the stability of the market.
Asia: India and China – Balancing Imports and Domestic Production
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India: In an effort to secure its energy security, India continues to actively purchase available energy resources from abroad. Russian oil and oil products remain crucial for the Indian market due to substantial discounts (around $5 off the Brent price), which helps to keep domestic fuel prices in check. Simultaneously, the country is trying 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. Modi's government is adhering to a policy of diversifying the energy balance: renewable energy is developing and refining capacities are increasing to gradually reduce dependence on imports.
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China: In 2025, China imported record volumes of oil and natural gas, comparable to previous year levels, actively taking advantage of discounts for raw materials from Russia, Iran, and Venezuela to replenish its strategic reserves. Domestic production of oil and gas in the country has also seen slight growth (about 1–2%), but it remains insufficient: the Chinese economy continues to rely on imports for about 70% of its oil consumption and up to 40% of its gas needs. Beijing is investing significantly in the exploration of new fields, technologies to enhance oil recovery, and accelerated development of renewable energy projects; however, even with these efforts, in the coming years, China, like India, will remain one of the world’s largest importers of traditional energy resources.
Energy Transition: Growth of Renewables Accelerates, but Traditional Generation Maintains Role
The global transition to clean energy is noticeably accelerating. Many countries set new records in electricity generation from renewable sources (RES) in 2025—solar and wind power plants. In Europe, by the end of the year, the total generation from solar and wind sources again outpaced generation from coal and gas power plants, cementing the trend towards gradual phasing out of coal. The world’s largest energy companies are announcing large investments in "green" projects—from offshore wind farms to energy storage systems—seeking to meet tightening environmental regulations. Nonetheless, as the share of renewables increases, the burden on infrastructure rises: energy systems must adapt to unstable generation. Countries are maintaining a reserve of traditional generation—gas, coal, and nuclear plants continue to provide base load and network balancing. Experts expect that in the coming years, there will be ongoing construction of both renewable capacities and energy storage systems to ensure that the energy transition does not compromise supply reliability.
Coal: Demand Remains High Despite Decarbonization Efforts
Despite efforts to reduce carbon emissions, global demand for coal remains high—primarily due to Asian countries. In 2025, coal consumption worldwide approached record levels as China and India continued to rely on this fuel resource to meet growing electricity needs. International coal prices have stabilized after peaks in 2022, while several developed countries have reduced their usage due to increased generation from RES. Nevertheless, in the near future, coal will continue to be a significant part of the global energy balance, especially where alternative energy sources are not sufficiently developed.
Russian Oil Products Market: Government Measures Stabilizing Prices
In Russia, following last year’s fuel crisis, authorities continue manual regulation to stabilize prices. The government has extended the ban on gasoline exports and restrictions on diesel exports, introduced in the fall of 2025, which, along with the sale of fuel from reserves, has helped saturate the domestic market—by January 2026, the shortage has been eliminated even in remote regions. Wholesale prices for oil products have stabilized, and at the end of the year, the first decrease in retail gasoline prices in a long time has been observed, demonstrating the effectiveness of the implemented measures. Market control will remain to prevent new spikes: a mechanism for floating export duties and compensation for oil refineries ("damper") is being discussed. Representatives from the Ministry of Energy suggest a gradual lifting of restrictions in the second half of 2026, provided stability is maintained, but recent months have shown that the state is ready to intervene promptly to protect the domestic market if necessary.
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