Current News in the Oil, Gas, and Energy Sector as of Friday, January 9, 2026: Oil and Gas Markets, Energy, Renewables, Coal, Oil Products, Refineries, and Key Global Trends in the Energy Sector.
Current events in the global fuel and energy complex as of January 9, 2026, draw the attention of investors and market participants with a combination of oversupply and rising geopolitical tensions. In the early days of the year, the price of Brent crude fell below the psychological threshold of $60 per barrel due to an oversupply of oil and subdued demand. Simultaneously, unprecedented actions by the U.S. in Venezuela—namely, the capture and arrest of President Nicolás Maduro, followed by plans to resume Venezuelan oil exports—are reshaping supply routes and intensifying tensions between Washington and Beijing. The European gas market is navigating winter with stable conditions: high storage levels and record LNG imports are keeping prices at moderate levels. The global energy transition is also gaining momentum: new records for electricity generation from renewable sources are being set worldwide, although traditional energy resources are still needed to ensure energy system reliability. In Russia, following last year's fuel crisis, government regulations on the domestic oil products market remain in effect, including the extension of export restrictions. Below is a detailed overview of key news and trends in the oil, gas, electricity, and raw materials sectors on this date.
Oil Market: Oversupply Pressures Prices, OPEC+ Signals Willingness to Act
Global oil prices at the beginning of 2026 are under substantial pressure due to supply exceeding demand. A barrel of North Sea Brent has dropped to approximately $58–59, dipping below the $60 mark for the first time in years, while U.S. WTI is trading at around $55 per barrel. According to industry experts, total oil production increased significantly in 2025 (OPEC countries ramped up exports, while non-OPEC growth was even more substantial), which may lead to an oversupply of 2–3 million barrels per day in the first half of 2026. At the same time, global economic growth is slowing, and oil demand is increasing by only about 1% per year (compared to typical growth rates of 1.5% before the crisis), exacerbating the market saturation issue. Another factor putting pressure on oil is geopolitics: the unexpected U.S. operation in Venezuela and plans to lift the oil embargo on Caracas have led to expectations of significant volumes of "new" Venezuelan oil hitting the market. Market participants are factoring this potential supply increase into prices, which has contributed to further decreases. In such conditions, the OPEC+ alliance is forced to consider emergency measures to support the market. Saudi Arabia and its partners are indicating readiness to return to production cuts if oil prices continue to fall below levels comfortable for producers. While no new official agreements have been announced, the rhetoric of key players gives investors hope for coordinated actions that could stabilize the oil market.
Gas Market: Europe Successfully Navigates Winter Thanks to Stocks and Record LNG Imports
The gas market remains focused on Europe, which demonstrates a much more resilient position compared to the crisis winters of 2022–2023. EU countries entered 2026 with underground gas storage facilities filled to over 60% capacity on average—an unprecedented level for mid-winter, significantly exceeding historical norms. Mild weather in December, along with record LNG supply volumes, allowed Europeans to reduce gas withdrawals from storage. As a result, early January gas prices in Europe remain relatively low: the key Dutch index TTF fluctuates around €28–30 per MWh (approximately $9–10 per MMBtu). Although the winter chill has caused a slight uptick in demand and prices have risen marginally in recent weeks, they remain considerably below peak values from two years ago.
European energy companies are successfully compensating for the cessation of pipeline supplies from Russia through increased LNG imports from around the world. In 2025, LNG imports into Europe grew by approximately 25% year-on-year, reaching about 127 million tons—the main increases were contributed by the U.S., Qatar, and African countries. Newly established floating regasification terminals (in Germany, the Netherlands, and other nations) enhanced receiving capacity and bolstered regional energy security. Analysts expect that by the end of the heating season, the EU will retain significant reserves (around 35–40% of storage capacity by spring), which instills confidence in the absence of gas shortages ahead of the next winter period. In Asia, LNG prices are traditionally somewhat higher than in Europe (the Asian index JKM remains above $10 per MMBtu), however, the global gas market is generally in a state of relative balance due to abundant supply and subdued demand.
International Politics: U.S. Redirects Venezuelan Oil, Sanctions Confrontation Continues
Geopolitical factors have come to the forefront at the beginning of 2026 and are significantly influencing the energy sector. In the early days of the new year, the U.S. carried out an unprecedented operation that effectively changed the government in Venezuela: Washington announced the detention of President Nicolás Maduro and plans to lift some oil sanctions on Venezuela. The administration of President Donald Trump has already negotiated the import of up to 50 million barrels of Venezuelan oil into the U.S., redirecting a significant portion of Venezuela's exports that previously targeted Asian markets, primarily China. America presents this deal as a step towards bolstering its own energy security and controlling Venezuela's largest oil reserves. However, such actions have strained relations with Beijing: China, previously the primary buyer of Venezuelan oil, has sharply condemned the U.S. intervention, calling it a violation of sovereignty. Beijing has made it clear that it intends to protect its energy interests—specifically, it is expected that China will increase its purchases of Iranian and Russian oil to offset any potential shortfall from Venezuela.
At the same time, the sanctions confrontation between Russia and Western countries in the energy sector remains virtually unchanged. Moscow has extended the decree prohibiting the supply of Russian oil and oil products to buyers complying with the G7/EU price cap until June 30, 2026, reaffirming its stance of non-recognition of Western restrictions. The EU and the U.S. also maintain all previously imposed sanctions against the Russian energy sector, and global energy trading has ultimately adapted to these restrictions—Russian oil and gas are predominantly redirected to Asia, the Middle East, and Africa. There are no expectations for a rapid easing of the sanctions regime: direct dialogue between Russia and the West has stagnated, and energy companies must operate in a new paradigm, divided by sanctions barriers. Nevertheless, the continuation of targeted contacts (for example, concerning a grain deal or prisoner exchanges) maintains minimal chances for a partial warming of relations in the future, which could also affect energy markets. At this moment, however, investors are pricing in the persistence of a tough sanctions confrontation and the related redirection of oil and gas flows.
Asia: India Upholds Energy Security, China Increases Resource Production
- India: Despite unprecedented pressure from Western countries demanding a reduction in cooperation with Russia, New Delhi is firmly committed to ensuring its energy security. India continues to actively purchase Russian oil and gas, stating that a sharp reduction in imports from the RF is impossible without harming the economy. Moreover, Indian refiners are securing favorable conditions: Russian companies are offering increased discounts on Urals crude (estimated at about $5 off Brent prices) to maintain the Indian market. As a result, Russian oil still occupies a significant share of India’s import balance, and the Indian government publicly declares the unacceptability of external pressure that jeopardizes the country’s access to critical energy resources.
- China: Against the backdrop of escalating geopolitical uncertainty, Beijing is focusing on developing its own resource base. In 2025, China increased crude oil and natural gas production to record levels, investing in the exploration of fields both on land and offshore. Simultaneously, the country ramped up coal production (over 4 billion tons per year) to ensure energy supply for industry and the population. These steps aim to reduce dependence on energy imports, especially under conditions where supplies may become targets for sanctions or geopolitical pressure. Additionally, China is diversifying its external sources—boosting purchases from Middle Eastern nations, Africa, and from Russia and Iran, in an effort to avoid shortages even amid changing global market conditions.
Energy Transition: Records in Renewable Generation and the Role of Traditional Energy
The global transition to clean energy reached new heights in 2025. Many countries reported record figures in electricity generation from renewable sources—solar, wind, and hydro. Solar and wind farms are being deployed at an accelerated pace, and investments in energy storage technologies and hydrogen energy are rising. Preliminary data shows that the combined capacity of renewable energy installations worldwide increased by over 15% last year. Major energy companies and oil and gas corporations are also participating in this trend, investing in renewable energy and low-carbon fuel projects to adapt to the changing market.
However, experts emphasize that traditional generation—gas, coal, and nuclear—remains crucial for the resilience of energy systems. Renewable energy sources are susceptible to weather and seasonality, and thus traditional capacities are still needed to cover peak loads and ensure uninterrupted electricity supply. Many countries announcing phased plans to abandon fossil fuels still foresee a transitional period of 10–20 years, during which oil, gas, and especially natural gas as the cleanest fossil fuel will play the role of a bridge to entirely green energy. Thus, the current energy transition is not an instantaneous transformation but a gradual process combining record growth in renewables with a balance between new and old energy sources.
Coal: High Demand Supports Market Stability
Despite environmental concerns, the global coal market continues to demonstrate resilience due to consistently high demand. Demand for coal remains elevated in Asia-Pacific countries: economic growth and electricity needs in China, India, and Southeast Asia ensure intense consumption of this fuel. China—the world’s largest consumer and producer of coal—burned coal at nearly record levels in 2025, extracting over 4 billion tons and meeting the lion’s share of its demand from domestic mines. India, which has significant reserves, is also increasing coal usage: over 70% of electricity in the country is still generated at coal-fired power plants, and total fuel consumption is growing alongside the economy. Even other emerging economies (Indonesia, Vietnam, Bangladesh, etc.) are commissioning new coal power plants to meet demand for electricity from their populations and industries.
Supply in the global coal market is adapting to this demand, allowing prices to remain within a relatively narrow and predictable range. Major exporters—Indonesia, Australia, Russia, South Africa—have increased production and export of thermal coal in recent years, stabilizing the supply situation. After price peaks in 2022, energy coal prices have returned to normal levels: currently, quotes at the European ARA hub are around $100 per ton (compared to over $300 two years ago). The balance between supply and demand in the sector appears stable: consumers reliably receive the necessary fuel, while producers maintain stable sales at profitable prices. And although many countries announce ambitious plans to reduce coal usage to achieve climate goals, in the near future, this energy resource will remain an indispensable source of energy for many nations, especially in Asia. Thus, the coal sector is currently experiencing a period of relative equilibrium, where the market meets the needs of the global economy while also ensuring the profitability of extraction companies.
Russian Oil Products Market: Continuation of Measures to Stabilize Fuel Prices
After the crisis events of last year, emergency measures aimed at preventing a new surge in gasoline and diesel prices continue to be in effect in the Russian fuel market. In the summer of 2025, the country experienced an acute fuel crisis: wholesale gasoline prices hit historic highs, and in some regions, fuel shortages occurred due to high seasonal demand (harvest season) and reduced supply (several major refineries were forced to shut down due to accidents and drone attacks). The government intervened promptly, creating a special headquarters led by the Deputy Prime Minister and making several decisions to saturate the domestic oil products market. As a result, by autumn, wholesale prices were stabilized, but the regulatory framework remains in place into the new year:
- Extension of the fuel export ban. The complete ban on the export of automotive gasoline and diesel fuel, introduced in August 2025, has been repeatedly extended and remains in effect (at least until the end of February 2026). This measure directs additional volumes of oil products to the domestic market—hundreds of thousands of tons monthly that were previously exported abroad.
- Partial resumption of export shipments for large refineries under state control. As market balances improved, restrictions were partially eased for vertically integrated oil companies. Since October 2025, some large oil refineries have been allowed limited export shipments under government oversight. Independent producers, oil traders, and small refineries remain under embargo, preventing the leakage of scarce resources abroad.
- Increased monitoring of fuel distribution within the country. Authorities have tightened monitoring of oil products movement in the domestic market. Oil companies are mandated to first meet domestic consumers' needs and avoid trading on exchanges that inflate prices. Regulators are developing long-term mechanisms—such as direct contracts between refineries and gas station networks to bypass the exchange—to eliminate excess intermediaries and stabilize price fluctuations.
- Maintaining subsidies and price stabilization mechanisms. The state continues to financially support oil refiners, compensating for part of the lost revenue from export restrictions. Budget subsidies and the reverse excise mechanism ("price stabilization") allow covering the difference between high global prices and lower domestic prices, encouraging refineries to direct sufficient volumes of gasoline and diesel to the domestic market.
The combination of these measures has already yielded results: the fuel crisis has been brought under control. Despite record exchange prices last summer, in 2025, retail prices at gas stations increased only by 5–6% since the beginning of the year, roughly in line with inflation. Gas stations across the country are now adequately supplied with fuel, and wholesale prices have stabilized. The government expresses readiness to continue extending oil product export restrictions into 2026 and is prepared to utilize state reserve stocks for rapid supply to troubled regions as necessary. Monitoring the fuel market situation will remain at a high level to prevent new price spikes and ensure stable supplies of oil products to the economy and population.
