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 range per barrel (Brent around $68–70, WTI near $64–66). After a decline at the end of 2025, prices partially recovered due to coordinated actions by OPEC+ and certain geopolitical factors. Nevertheless, the overall pressure on the market persists due to excess supply and uncertainty in the global economy. The European Union announced its 20th package of sanctions against Russia this week, which includes a complete ban on servicing maritime transportation of Russian oil and adds dozens of “shadow fleet” tankers to the sanctions list. These measures increase the sanctions pressure on hydrocarbon exports from Russia. Concurrently, India has seen a sharp decline in purchases of Russian oil – according to January data, imports fell by more than three times, signaling a potential reorientation of trade flows.
In the domestic market of Russia, the government continues to closely monitor fuel prices: the Federal Antimonopoly Service has begun unscheduled inspections of oil companies in response to risks of accelerating inflation in this sector. The winter season has brought extreme cold and new consumption records: peak loads on the energy system and historical highs in gas demand have been recorded in several regions. Meanwhile, the global energy transition shows no signs of slowing down – investments in renewable energy are reaching records, and in the European Union, the share of "green" generation surpassed fossil fuel production for the first time at the end of 2025. This review examines the current trends in the oil and gas markets, analyzes the situation in Russia's fuel and energy complex, and highlights relevant events in coal, electricity, and renewable energy segments.
Oil Market
At the beginning of February, oil prices are showing cautious growth after a fall in the second half of 2025. Brent quotes are maintaining around $68–70 per barrel, recovering from recent lows of around $60, largely due to signals of OPEC+'s readiness to support the market. The alliance of major exporters suspended its planned increase in production 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 linked to the seasonally weaker winter demand and the desire to prevent overproduction amid a fragile balance of supply and demand.
- OPEC+ Policy: Alliance members continue to maintain significant production cuts (about 3.7 million barrels/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/day in 2026 (to levels exceeding 105 million barrels/day), but acknowledges that a slowdown in China's economy and high interest rates in the US and Europe may adjust these forecasts. Short-term geopolitical incidents (such as 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 confrontation surrounding Russian oil continues to impact the market. The 20th EU sanctions package includes a ban on servicing maritime oil transportation from Russia: European companies are prohibited from insuring and financing tankers carrying Russian crude, and "blacklists" of violator vessels are expanding. These restrictions complicate export logistics and increase uncertainty for Russian suppliers. Meanwhile, key importers are seeking alternatives: India, which had previously become the largest buyer of Russian oil at a discount, cut its purchasing volumes in January to about one-third of last year’s levels. Russian officials assert that there are no fundamental changes in India’s approach to Russian crude, yet the fact that import diversification is occurring indicates the flexibility of Asian consumers and increasing competition for sales markets.
The combination of these factors prevents oil prices from plummeting but also limits their growth potential. The market takes into account both the risks of economic slowdown and the possibility of a deficit forming in the second half of the year if sanctions significantly reduce supply. As a result, prices remain relatively stable, and volatility is contained by recent standards.
Natural Gas Market
The winter period is traditionally accompanied by increased demand for natural gas, and the beginning of 2026 is no exception. Abnormal cold in Eurasia has led to a rise in gas consumption for heating and electricity generation. In Russia, daily gas withdrawals from the network reached a historical maximum in the first few days of February, as increased demand is recorded from both the residential and industrial sectors. Despite this, European gas markets remain in a comfortable price range. TTF quotes fluctuate around $10–12 per million BTU, which is significantly lower than the crisis peaks of 2022. Record imports of LNG 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 eased the burden on storage facilities.
Meanwhile, Russia is reorienting its gas exports to the East. Flows to China through 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 recovery continues, yet competition from cheap coal and expanding renewable energy sources curbs faster demand growth.
Overall, the gas market entered 2026 without prior turbulence: prices stabilized, and volatility diminished to its lowest level in recent years.
Domestic Fuel Market in Russia
Russian authorities continue to keep a close watch on fuel prices. Following a surge in gasoline and diesel prices in the fall of 2025, the government has intensified oversight: since January, the Federal Antimonopoly Service has been conducting inspections of oil companies for collusion. In case of signs of a shortage, authorities are prepared to limit fuel exports and subsidize refiners – these measures have already helped stabilize the situation at gas stations, keeping fuel 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 the Russian Federation is updating programs and strategies for the energy sector in 2026, considering sanction restrictions and the global energy transition. The key focus is on energy security and export diversification, with the development of ties with countries across Asia, the Middle East, and Africa.
The international agenda also remains busy. In the European Union, debates around energy sanctions continue: for instance, Hungary openly declares its intention to block restrictions against the Russian nuclear industry, deeming cooperation in peaceful nuclear energy critically important for its energy system. This indicates that consensus within the EU is not easily achieved. Meanwhile, dialogue among key players in the global energy sector remains uninterrupted. OPEC+ and Russia maintain mutual understanding regarding oil market stabilization measures. "Rosatom" continues to construct nuclear power stations abroad within previously signed contracts.
Coal Sector
The Russian coal industry continues to reorient itself toward Asian markets amid declining demand in Europe. There remains high demand for thermal coal in Asian countries (China, India, and others), which partially compensates for the sanctions losses of Russian companies. The Russian government supports exporters through subsidies for coal transportation and encourages improvement in product quality to compete in eastern markets.
Electric Power Industry
Extreme cold at the beginning of 2026 led to record peaks in winter energy consumption. In Russia, loads reached historical maximums, but the energy system managed without disruptions by utilizing reserves. In Europe, there were also no interruptions: a decrease in hydroelectric generation due to a low-snow winter was compensated by increased generation from gas and renewable stations. The energy modernization continues: new gas and coal capacities are being introduced with environmental upgrades, large solar and wind parks are being built, and energy storage systems and "smart" grids are being developed to enhance supply 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), global installed renewable capacity grew by a record 585 GW (+15%) in 2024, accounting for over 90% of total generation increase. Preliminary data for 2025 indicates that this trend continues: investment booms and cost reductions in technologies allow for increasingly larger volumes of solar and wind power plants to be commissioned yearly. In several countries, renewable energy has taken a leading position. In the European Union, the share of renewable generation reached 48% in 2025, for the first time surpassing fossil fuels' contribution. A particularly important role was played by the explosive growth of solar energy (over 20% in a year).
Many countries have raised their targets for the share of renewable energy by 2030 and are launching additional incentives for the sector. Simultaneously, interest in energy storage technologies, carbon capture, and "green" hydrogen is growing – indicating an increasingly comprehensive approach to decarbonization. While the pace of transformations still needs to accelerate to meet climate commitments, the trends from 2024–2025 instill cautious optimism. Renewable energy has already become one of the main drivers of investment and innovation in the global energy sector, shaping the long-term development vector of the industry.
