Global News in the Oil, Gas, and Energy Sector for January 13, 2026: Venezuela, Geopolitics, Oil, Gas, Coal, Oil Products, Refineries, and Key Events in the Global Energy Industry for Investors and Market Participants.
Current events in the fuel and energy complex (FEC) on January 13, 2026, present a mixed picture for investors and market participants. A significant geopolitical shift has occurred in Venezuela: the newly established government, supported by the United States, aims to restore oil production, instilling cautious optimism regarding the growth of global supply. At the same time, global oil prices continue to face pressure from surplus supply and weakening demand – Brent prices remain around $60 per barrel after a substantial decline last year. The European gas market demonstrates resilience even amidst a cold winter: underground gas storage (UGS) in the European Union is filled to over 80%, and record LNG supplies help keep prices at a moderate level. The global energy transition is gaining momentum – many countries are reporting new records for generation from renewable energy sources (RES), although governments do not abandon traditional resources for the reliability of energy systems. In Russia, authorities are extending fuel export restrictions and taking measures to stabilize the domestic market for oil products following recent price spikes. Below is a detailed overview of the key news and trends in the oil, gas, electricity, and raw materials sectors as of this date.
Oil Market: Surplus Supply and Weak Demand Continue to Pressure Prices
The global oil market at the beginning of 2026 maintains relative price weakness amid surplus supply. The benchmark Brent is trading around $60 per barrel, with American WTI around $55–57, corresponding to minimal levels seen in the last four years. Oil prices fell by approximately 20% over 2025, marking the weakest year since the pandemic of 2020. The primary reasons are the recovery of production and an increase in exports by key players alongside simultaneously slowing demand growth.
Following the peak of the energy crisis in 2022, many producers increased their supplies: OPEC+ countries gradually lifted previously imposed production restrictions, and U.S. production reached a record 13.6 million barrels per day in 2025 (a slight decline is expected in 2026). New projects also contribute to the increase in global supply: oil production is rising in Brazil, Guyana, Canada, and other countries. Last weekend, OPEC+ kept quotas unchanged, aiming to protect the market from sharp fluctuations; however, analysts still assess the oil surplus at 0.5–3 million barrels per day in the coming months. Overall, supply currently exceeds demand, and until new factors emerge, the balance remains tilted towards surplus, keeping oil prices at moderate levels.
Gas Market: Europe Withstands Cold Winter Thanks to Reserves and LNG
On the gas market, the primary focus is on Europe, which is experiencing the early months of winter without previous upheavals. Despite an unusually cold December, European countries have managed to maintain high stock levels: according to Gas Infrastructure Europe, EU underground storage facilities were approximately 85% full at the beginning of January. This impressive level of reserves is the result of a mild start to winter, record LNG imports from the U.S. and Qatar, as well as energy-saving measures and reduced industrial consumption. Even the wave of Arctic cold that hit Central Europe at the end of December only slightly increased the withdrawal of gas from storage, which was promptly compensated by increased LNG supplies. Gas prices in the region remain moderate, significantly lower than the peaks of 2022, and analysts forecast the end of the heating season with a comfortable reserve (with expected storage levels of at least 50–60% by spring). This indicates an increase in the resilience of the European gas market due to supply diversification and infrastructural reforms.
On a global scale, the gas market situation is also relatively stable. Demand in Asia is steadily growing but without sharp jumps: China and India are increasing LNG imports under long-term contracts, which shields them from spot price volatility. Additionally, new gas export capacities are coming online – from LNG plants in North America to projects in the Middle East – increasing the available supply in the global market. This balance allows for the avoidance of gas shortages even amid localized weather or geopolitical risks, maintaining global gas prices within a relatively narrow corridor.
International Agenda: Sanctions Against Russia and Cautious Continuation of Dialogue
Relations between Russia and the West continue to impact the energy sector, although no direct progress has been made in resolving the sanctions standoff. Following the change in administration in Washington in 2025, contacts between the U.S. and Russia intensified: in August, the presidents of the two countries met in Alaska, signaling a willingness to continue dialogue. Nevertheless, fundamental disagreements persist, and all major sanctions against the Russian energy sector remain in force. Moreover, in January, the U.S. imposed targeted restrictions on several intermediaries transporting Russian oil, seeking to enhance control over compliance with the price cap.
However, analysts believe that the Trump administration will avoid harsh measures that could spike global oil and gasoline prices in the U.S., as the priority remains to curb fuel costs for consumers. Meanwhile, Europe is taking steps towards long-term reduction of dependence on Russian energy resources: the European Union plans to extend mandatory target levels for gas storage and legislate the cessation of pipeline gas imports from Russia. Russia itself has redirected its oil and gas exports to alternative markets—primarily in Asia—offering significant discounts to buyers in China, India, and other countries. This redistribution of flows mitigates the impact of sanctions, although it reduces export revenues for Russian oil and gas companies.
Venezuela: Change of Power and Return of Oil to the Global Market
At the beginning of the year, Venezuela, home to the largest oil reserves in the world, has come into the spotlight. In January, a sharp change of power occurred: as a result of an operation supported by the U.S., President Nicolas Maduro was removed and taken into custody, while Delcy Rodriguez headed the interim government in Caracas. The Trump administration promptly announced plans to attract up to $100 billion in investments to restore Venezuela's dilapidated oil sector and rapidly increase production. Initial deals for the export of Venezuelan oil are already being made: major trading houses Vitol (Netherlands) and Trafigura (Singapore) have received special licenses and begun shipments of crude oil from previously accumulated stocks.
Under an agreement with the interim authorities, up to 50 million barrels of Venezuelan oil will be sold in the coming weeks to U.S. refineries and other buyers, providing the country with much-needed revenue. However, major international oil companies are proceeding cautiously: after years of sanctions, Venezuela has accumulated debt issues, and its oil infrastructure has severely deteriorated. Experts note that even with political support from the U.S., 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 exerting psychological pressure on prices, intensifying expectations for a prolonged supply surplus.
Asia: India and China Between Import and Domestic Production
- India: Under increasing pressure from Western sanctions and seeking to secure its energy supply, Delhi has recently reduced purchases of Russian oil and gas. The Indian government is diversifying imports, focusing on supplies from the Middle East and its traditional partners. At the same time, the country is stimulating domestic oil and gas production by attracting investments in exploration of new fields. For India’s rapidly growing economy, ensuring stable fuel supplies is a key priority, so the country is attempting to navigate between attractive prices from sanctioned barrels and the risk of falling under secondary sanctions.
- China: The world's largest energy importer continues to ramp up its hydrocarbon production to reduce dependence on external sources. In 2025, oil production in China rose and approached historical highs; however, domestic production only covers about 30% of the country's needs. Beijing is actively purchasing oil on international markets, taking advantage of favorable prices. China remains a major buyer of discounted Russian oil, although the overall volume of imports has stabilized due to economic slowdowns. Meanwhile, the Chinese government is investing in strategic oil reserves and securing long-term gas supply contracts to safeguard energy supplies amid geopolitical uncertainty.
Energy Transition: RES Records and the Role of Traditional Generation
The global shift towards clean energy continues to accelerate. By the end of 2025, several countries have recorded record levels of electricity generation from renewable sources. For instance, in the European Union, the combined share of solar and wind in generation briefly exceeded 60% in summer 2025; in China, annual solar and wind capacity installations reached a historic high, while in the U.S., renewable sources generated over 20% of total electricity for the first time in a year. Investments in renewable energy remain robust worldwide, driven both by environmental goals and the desire for energy independence.
However, ensuring the reliability of energy systems necessitates maintaining traditional generation. Due to the variability of solar and wind energy, many countries are compelled to keep gas and coal-fired power plants on standby to meet peak loads and prevent outages. Governments are delaying the shutdown of certain coal-fired plants and expanding energy storage capacity, yet completely abandoning oil, gas, and coal in the energy balance does not currently seem possible. Traditional energy resources continue to play a key role in meeting base demand, complementing the rapidly growing RES sector.
Coal: Persistently High Demand and Its Role in the Energy Balance
Despite the increasing focus on clean energy, the global coal market remains surprisingly resilient. Global demand for coal was close to record levels in 2025, with only a slight decrease expected in 2026. The primary growth in consumption is driven by Asian economies—especially China and India—where coal remains one of the main sources of electricity due to its availability and reliability. These countries continue to commission modern coal-fired power plants to meet growing demand, compensating for the decrease in coal use in Europe and North America.
Coal prices in the international market remain relatively high but without sharp fluctuations, reflecting a balance of supply and demand. Major exporters such as Indonesia, Australia, and Russia maintain stable levels of production and export to meet buyer needs. For many developing countries, coal remains a crucial part of the energy balance in the near future, providing power to industries and households until alternative sources achieve sufficient scale.
The Russian Fuel Market: Measures to Stabilize Prices and Ensure Supplies
On the domestic market for oil products in Russia, authorities continue to take steps to prevent price spikes and fuel shortages. Following a surge in wholesale prices for gasoline and diesel last fall, the government imposed export restrictions that have been extended several times. Notably, the temporary ban on the export of 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: earlier, certain regions encountered supply disruptions and limits on fuel distribution at gas stations. Concurrently, regulatory agencies have raised the fuel sales quotas on the exchange for oil companies and adjusted the damping subsidy mechanism to make supplies to the domestic market more profitable for refineries. As a result, by early 2026, the situation began to stabilize: wholesale prices ceased to grow, and retail prices at gas stations slowed down their increase. The government states its readiness to continue implementing necessary tools—from increased export taxes to direct interventions—to keep domestic fuel prices under control.
