Global Oil and Gas Industry News as of January 13, 2026: Venezuela, Geopolitics, Oil, Gas, Coal, Oil Products, Refineries, and Key Events in the Global Energy Sector for Investors and Market Participants.
Current events in the fuel and energy complex (FEC) as of January 13, 2026, present an ambiguous picture for investors and market participants. A significant geopolitical shift has occurred in Venezuela: the new government, supported by the United States, aims to restore oil production, instilling cautious optimism regarding the growth of global supply. Concurrently, global oil prices continue to be pressured by an oversupply and weakening demand—Brent prices are holding around $60 per barrel after a significant decline last year. The European gas market is demonstrating resilience even amidst a cold winter; natural gas storage (UGS) in the European Union is over 80% full, and record LNG supplies are helping to keep prices at moderate levels. The global energy transition is gaining momentum—many countries are recording new generation records from renewable energy sources (RES), although for the reliability of energy systems, governments are not forgoing traditional resources. In Russia, authorities are extending restrictions on fuel exports and implementing measures to stabilize the domestic oil products market following recent price spikes. Below is a detailed overview of key news and trends in the oil, gas, electricity, and commodity sectors for this date.
Oil Market: Oversupply and Weak Demand Continue to Pressure Prices
The global oil market at the beginning of 2026 maintains relative price weakness against the backdrop of oversupply. The benchmark Brent is trading around $60 per barrel, while the American WTI hovers around $55–57, corresponding to minimal levels observed in the last four years. In 2025, oil quotations fell by approximately 20%, marking the weakest year since the pandemic-stricken 2020. The primary reasons include the recovery of production and the increase in exports from key players while simultaneously witnessing a slowdown in demand growth.
Following the peaks of the energy crisis in 2022, many producers ramped up shipments: OPEC+ countries gradually lifted previously established production restrictions, while production in the U.S. reached a record 13.6 million barrels per day in 2025 (a slight decrease is anticipated in 2026). New projects are contributing to the increase in global supply: oil production in Brazil, Guyana, Canada, and other countries is rising. Over the past weekend, OPEC+ maintained quotas unchanged, aiming to protect the market from sharp fluctuations; however, analysts still estimate an oil surplus of 0.5–3 million barrels per day in the coming months. Overall, supply is currently outpacing demand, and until new factors emerge, the balance remains tilted towards oversupply, keeping oil prices at moderate levels.
Gas Market: Europe Endures a Cold Winter Thanks to Reserves and LNG
Within the gas market, the primary focus is on Europe, which is experiencing the early months of winter without previous disruptions. Despite an unusually cold December, European countries managed to maintain high reserves: according to Gas Infrastructure Europe, EU underground storage was approximately 85% full at the beginning of January. This impressive reserve level is the result of a mild winter onset, record volumes of liquefied natural gas (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 in late December only slightly increased gas withdrawal from storage, which was quickly offset by a rise in LNG supplies. Gas prices in the region remain moderate, significantly lower than the peaks of 2022, and analysts predict a comfortable end to the heating season (expected to have at least 50-60% UGS capacity filled by spring). This indicates an increase in the resilience of the European gas market as a result of supply diversification and infrastructure reforms.
GGlobally, the situation in the gas market is also relatively stable. Demand in Asia is steadily growing, but without sharp spikes: China and India are increasing LNG imports under long-term contracts, which insulates them from spot price volatility. Concurrently, new gas export capacities are coming online—from LNG plants in North America to projects in the Middle East—boosting available supply on the global market. This balance allows avoiding gas shortages even amid local weather or geopolitical risks, keeping 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 achieved in resolving the sanctions standoff thus far. Following the administration change in Washington in 2025, contacts between the U.S. and Russia have intensified: in August, the two countries' presidents met in Alaska, signaling a readiness to continue dialogue. However, fundamental disagreements remain, and all major sanctions against the Russian FEC are still in force. Moreover, in January, the U.S. imposed targeted restrictions on several intermediaries transporting Russian oil, aiming to tighten control over compliance with the price cap.
However, analysts believe that the Trump administration will not implement strict measures that could drive up global oil and gasoline prices in the U.S.: keeping fuel costs down for consumers remains a priority. Meanwhile, in Europe, a long-term reduction of dependence on Russian energy sources is underway: the European Union plans to extend mandatory target levels for gas storage and legally cement the cessation of pipeline gas imports from Russia. Russia itself has redirected its oil and gas exports to alternative markets—primarily to Asia—offering significant price discounts to buyers from China, India, and other countries. This redistribution of flows mitigates the impact of sanctions, albeit at the expense of export revenues for Russian oil and gas companies.
Venezuela: Change of Power and Return of Oil to the Global Market
At the start of the year, Venezuela, which holds the largest oil reserves in the world, has garnered significant attention. In January, the country experienced a sharp change in power: as a result of a U.S.-backed operation, President Nicolás Maduro was ousted and taken into custody, with the interim government in Caracas led by Delcy Rodríguez. The Trump administration promptly announced plans to attract up to $100 billion in investment for the recovery of Venezuela's dilapidated oil sector and to significantly increase production in a short timeframe. Initial deals for exporting Venezuelan oil are already being made: major trading houses Vitol (Netherlands) and Trafigura (Singapore) have received special licenses and begun shipments from previously accumulated stock.
According to the 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, ensuring much-needed revenue for the country. However, major international oil companies are proceeding cautiously: after years of sanctions, Venezuela has accumulated debt issues, and its oil infrastructure has significantly degraded. Experts note that even with the political support of 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, heightening expectations of a prolonged oversupply.
Asia: India and China Between Imports and Domestic Production
- India: Under growing pressure from Western sanctions and seeking to safeguard its energy security, New Delhi has recently reduced its purchases of Russian oil and gas. The Indian government is diversifying imports, emphasizing supplies from the Middle East and its traditional partners. Simultaneously, the country is stimulating domestic oil and gas production by attracting investments in the exploration of new fields. For India's rapidly growing economy, ensuring stable fuel supplies is a key priority, thus India is trying to navigate between the attractive prices of sanctioned barrels and the risk of falling under secondary sanctions.
- China: The world's largest energy resources importer continues to ramp up its own hydrocarbon production, seeking to reduce dependence on external sources. In 2025, oil production in China increased, approaching historic highs, yet domestic production covers only about 30% of the country’s needs. Beijing actively procures crude oil on external markets, taking advantage of favorable prices. China remains a significant buyer of discounted Russian oil, although the overall volume of imports has stabilized due to economic slowdown. The Chinese government is simultaneously investing in strategic oil reserves and signing long-term contracts for gas supply to secure energy supply 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 recorded record levels of electricity generation from renewable sources. For instance, in the European Union, the combined share of solar and wind energy in generation briefly exceeded 60% in the summer of 2025, while in China, annual additions of solar and wind capacity reached a new historic high, and in the U.S., renewable sources produced more than 20% of total electricity for the first time in a year. Investments in RES remain robust globally, spurred by both environmental goals and the desire for energy independence.
At the same time, ensuring the reliability of energy systems requires maintaining traditional generation. Due to the intermittency of solar and wind energy, many countries are forced to keep gas and coal power plants on standby to cover peak loads and prevent outages. Governments are delaying the decommissioning of certain coal-fired power plants and expanding energy storage capabilities; however, fully abandoning oil, gas, and coal in the energy mix does not yet appear feasible. Traditional energy resources continue to play a critical role in meeting baseline demand, complementing the rapidly growing RES sector.
Coal: Steadily High Demand and Its Role in the Energy Balance
Despite increasing attention to clean energy, the global coal market remains surprisingly resilient. Global demand for coal in 2025 hovered around record levels, with only a slight decrease expected in 2026. The main drivers of consumption growth are the Asian economies—primarily China and India—where coal remains one of the primary sources of electricity due to its affordability and stability in production. These countries continue to commission modern coal power stations to satisfy growing demand, offsetting declines in coal usage in Europe and North America.
Coal prices in the international market remain relatively high, but without sharp spikes, reflecting a balance between supply and demand. Major exporters—such as Indonesia, Australia, and Russia—maintain a consistently high level of output and exports, which allows them to meet buyers' needs. For many developing countries, coal remains a vital part of the energy balance in the near term, providing energy supply for both industry and households until alternative sources scale sufficiently.
Russian Fuel Market: Measures to Stabilize Prices and Ensure Supply
On the domestic oil products market in Russia, authorities continue to take steps to prevent price spikes and fuel shortages. Following a surge in wholesale prices for gasoline and diesel fuel last autumn, the government has implemented export restrictions that have been extended several times. In particular, a temporary ban on the export of automotive gasoline has recently been extended until the end of February 2026.
These measures aim to saturate the domestic market and reduce price pressure: previously, certain regions experienced supply disruptions and the imposition of limits on fuel dispensing at gas stations. Concurrently, regulatory authorities have increased trading norms for oil companies and adjusted the damping subsidy mechanism to make domestic market supplies more profitable for refineries. As a result, by the beginning of 2026, the situation began to stabilize: wholesale prices have stopped rising and retail prices at gas stations have slowed their increase. The government states its readiness to continue applying necessary tools—from increased export duties to direct interventions—to keep domestic fuel prices under control.
