Global Oil, Gas, and Energy Sector News for Sunday, February 8, 2026: Oil, Gas, Refineries, Electricity, Renewable Energy, 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 per barrel range (Brent around $68–70, WTI in the $64–66 range). After a downturn at the end of 2025, prices have partially recovered due to coordinated actions by OPEC+ and various geopolitical factors. However, overall market pressure remains 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 the servicing of maritime transportation of Russian oil and adds dozens of shadow fleet tankers to the sanctions list. These measures intensify the sanction pressure on hydrocarbon exports from Russia. Simultaneously, there has been a sharp decline in Indian purchases of Russian oil; in January, imports fell more than threefold, signaling a possible redirection of trade flows.
In the domestic market, the Russian government continues to closely monitor fuel prices: the Federal Antimonopoly Service has begun unscheduled inspections of oil companies in response to inflation risks in the sector. The winter season has brought extreme cold and new records for energy consumption: several regions have reported peak loads on energy systems and historic maximums for gas demand. Meanwhile, the global energy transition is not losing momentum—investments in renewable energy are hitting record highs, and for the year 2025, the share of green generation in the EU has surpassed fossil fuel electricity production for the first time. In this review, we explore current trends in oil and gas markets, analyze the situation in the fuel and energy complex of Russia, and cover relevant events in the coal, electricity, and renewable energy sectors.
Oil Market
At the beginning of February, oil prices are showing cautious growth after falling in the second half of 2025. Brent prices are holding around $68–70 per barrel, bouncing back from recent lows near $60, largely due to signals from OPEC+ about their readiness to support the market. The alliance of major exporters suspended its planned production increase at the end of 2025 and confirmed its intention to maintain existing production restrictions at least until the end of the first quarter of 2026. This decision is related to the seasonally weaker demand in winter and the desire to prevent oversupply amid a fragile balance of supply and demand.
- OPEC+ Policy: Members of the alliance continue to hold significant production cuts (around 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 approximately +1.2 million barrels per day in 2026 (to over 105 million barrels per day); however, 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 example, recent events in the Persian Gulf) temporarily support prices, and the alliance confirms its readiness to respond quickly to external shocks.
- Geopolitics and Sanctions: The sanctions standoff surrounding Russian oil continues to impact the market. The 20th EU sanctions package includes a ban on servicing maritime transportation of oil from Russia: European companies are prohibited from insuring and financing tankers carrying Russian crude, and black lists of violating vessels are expanding. These restrictions complicate export logistics and increase uncertainty for Russian suppliers. At the same time, key importers are seeking alternatives: India, which had previously become the largest purchaser of discounted Russian oil, reduced its purchases to about one-third of last year's levels in January. Russian officials state that there are no fundamental changes in India's approach to Russian crude, but the fact of import diversification signals flexibility among Asian consumers and intensified competition in export markets.
The combination of these factors prevents oil prices from collapsing but also limits their potential for growth. The market is factoring in both the risks of economic slowdown and the possibility of developing a supply deficit in the second half of the year if sanctions significantly curtail supply. As a result, prices remain relatively stable, and volatility is constrained compared to recent years.
Natural Gas Market
Winter months traditionally see increased demand for natural gas, and the beginning of 2026 is no exception. Abnormal cold temperatures in Eurasia have led to an uptick in gas consumption for heating and electricity generation. In Russia, daily gas withdrawals from the grid hit historical highs for two consecutive days in early February, with increased demand noted from both the residential sector and industry. Despite this, gas prices in the European market remain within a comfortable price range. TTF quotes fluctuate around $10–12 per million BTUs, which is considerably lower than the crisis peaks of 2022. Record LNG imports from the US, Qatar, and other countries have compensated for the sharp decline in pipeline supplies from Russia, while relatively mild weather in late January alleviated pressure on storage facilities.
Meanwhile, Russia is redirecting gas exports to the East. Gas flows to China via the Power of Siberia pipeline continue to grow, while new LNG production capacities for the global market are being introduced. East Asian economies, particularly China, are increasing gas consumption as industrial activity resumes; however, competition from cheap coal and expanding renewable energy sources is slowing more rapid demand growth.
Overall, the gas market entered 2026 without the previous turbulence: prices have stabilized, and volatility has decreased to minimal levels over recent years.
Domestic Fuel Market in Russia
Russian authorities continue to control fuel prices. Following a spike in gasoline and diesel prices in the fall of 2025, the government has intensified oversight: starting in January, the Federal Antimonopoly Service has been conducting inspections of oil companies for collusion. In cases of signs of a shortage, authorities are prepared to limit fuel exports and subsidize refiners—these steps have already helped stabilize the situation at gas stations, ensuring fuel remains accessible for consumers.
State Policy and Cooperation
Strategic planning for the development of Russia's fuel and energy complex is coming to the forefront amid new challenges. The Ministry of Energy of Russia is updating the programs and strategies for the development of the fuel and energy sector for 2026, taking into account sanctions restrictions and the global energy transition. A key emphasis is on energy security and export diversification, developing connections with countries in Asia, the Middle East, and Africa.
The international agenda also remains busy. In the European Union, debates over energy sanctions continue: for example, Hungary has openly declared its intention to block restrictions against the Russian nuclear sector, considering cooperation in peaceful nuclear energy critical for its energy system. This demonstrates that consensus within the EU is not easily reached. Meanwhile, dialogue among key players in the global energy sector remains uninterrupted. OPEC+ and Russia maintain mutual understanding regarding measures to stabilize the oil market. Rosatom continues to construct nuclear power plants abroad as part of previously signed contracts.
Coal Sector
The Russian coal industry continues to redirect its focus toward Asian markets amid declining demand in Europe. High demand for thermal coal persists in Asian countries (China, India, etc.), partially compensating for the sanction-related losses of Russian companies. The Russian government supports exporters with subsidies for coal transportation and encourages quality improvements to compete effectively in eastern markets.
Electric Power Industry
Extreme cold in early 2026 has led to record peaks in winter energy consumption. In Russia, the load set historical maximums, but the energy system managed without disruptions, utilizing reserves. In Europe, there were also no disruptions: reduced hydroelectric generation due to a low-snow winter was compensated by increased generation from gas and renewable sources. Energy modernization is ongoing: new gas and coal capacities with environmental improvements are being commissioned, large solar and wind farms are under construction, and energy storage systems and smart grids are being developed to enhance reliability and reduce carbon emissions.
Renewable Energy
The renewable energy sector continues to grow rapidly worldwide, confirming the irreversibility of the energy transition. According to the latest report from the International Renewable Energy Agency (IRENA), in 2024, global installed renewable capacity increased by a record 585 GW (+15%), accounting for over 90% of the total generation growth. Preliminary data for 2025 indicates that this trend is set to continue: an investment boom and declining technology costs are allowing for ever-greater volumes of solar and wind power plants to be commissioned each year. In several countries, renewable energy has taken the lead. In the European Union, the share of renewable generation reached 48% in 2025, surpassing the contribution of fossil fuels for the first time. The booming growth of solar energy (over 20% year-on-year) has played a significant role in this trend.
Many countries have raised their renewable energy share targets for 2030 and are launching additional incentives for the sector. Concurrently, interest in energy storage technologies, carbon capture, and green hydrogen is growing, indicating an increasingly comprehensive approach to decarbonization. While the pace of transformation still needs to accelerate to meet climate commitments, the trends of 2024–2025 instill cautious optimism. Renewable energy has already become one of the main drivers of investment and innovation in the global energy sector, defining the long-term development trajectory of the industry.
