Global Oil, Gas, and Energy Sector News as of January 13, 2026: Venezuela, Geopolitics, Oil, Gas, Coal, Petroleum Products, Refineries, and Key Events in the Global Energy Sector for Investors and Market Participants.
Current events in the oil and energy sector as of January 13, 2026, paint a mixed picture for investors and market participants. A significant geopolitical shift has occurred in Venezuela: the newly appointed government, backed 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 excess supply and weakening demand – Brent crude remains around $60 per barrel following a substantial decline last year. The European gas market is demonstrating resilience even amid a cold winter: underground gas storage facilities in the European Union are more than 80% full, and record LNG supplies are helping to maintain prices at a moderate level. The global energy transition is gaining traction – many countries are reporting new records in renewable energy generation (RES), although to ensure the reliability of energy systems, governments are not forgoing traditional resources. In Russia, authorities are extending fuel export restrictions and taking measures to stabilize the domestic petroleum market following recent price surges. Below is a detailed overview of key news and trends in the oil, gas, electricity, and commodity sectors as of this date.
Oil Market: Oversupply and Weak Demand Continue to Weigh on Prices
The global oil market at the beginning of 2026 maintains relative price weakness amid oversupply. The benchmark Brent crude is trading around $60 per barrel, while American WTI hovers between $55 and $57, corresponding to minimum levels over the past four years. In 2025, oil prices declined by approximately 20%, marking the weakest year since the pandemic-hit 2020. The primary reasons are the recovery in production and export growth from key players, coupled with simultaneously slowed demand growth.
Following the peaks of the energy crisis in 2022, many producers ramped up supplies: OPEC+ countries gradually lifted previously imposed production restrictions, and U.S. output reached a record 13.6 million barrels per day in 2025 (a slight decrease is expected in 2026). New projects are also contributing to the increase in global supply: production is rising in Brazil, Guyana, Canada, and other countries. Over the past weekend, OPEC+ maintained quotas unchanged, aiming to shield the market from sharp fluctuations; however, analysts still estimate the oil surplus at 0.5 to 3 million barrels per day in the coming months. Overall, supply currently exceeds demand, and until new factors emerge, the balance is expected to remain tilted towards oversupply, keeping oil prices at moderate levels.
Gas Market: Europe withstanding the Cold Winter Thanks to Reserves and LNG
In the gas market, focus remains on Europe, which is experiencing the early months of winter without the previous upheavals. Despite an unusually cold December, European countries managed to maintain high reserves: according to Gas Infrastructure Europe, EU underground storage is approximately 85% full at the beginning of January. This impressive level of reserves is a result of a mild winter start, record LNG imports from the U.S. and Qatar, as well as energy-saving measures and reduced industrial consumption. Even the Arctic cold wave that struck Central Europe in late December only slightly increased gas withdrawal from storage, which was immediately compensated by rising LNG supplies. Prices for gas in the region remain at moderate levels, significantly lower than the peaks of 2022, and analysts forecast a comfortable reserve at the end of the heating season (at least 50-60% storage capacity is expected 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 situation in the gas market also appears relatively stable. Demand in Asia is growing steadily, but without sharp spikes: China and India are increasing LNG imports under long-term contracts, insulating themselves from spot price volatility. At the same time, new gas export capacities are coming online – from LNG facilities in North America to projects in the Middle East – increasing available supply in the global market. This balanced situation helps to avoid 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 Continued Dialogue
Relations between Russia and the West continue to impact the energy sector, although no direct progress has been made toward resolving the sanctions standoff. Following the change in administration in Washington in 2025, contacts between the U.S. and Russia increased: in August, the presidents of the two countries met in Alaska, indicating a willingness to continue dialogue. However, fundamental disagreements persist, and all major sanctions against the Russian energy sector remain in place. Moreover, in January, the U.S. imposed targeted restrictions against several intermediaries transporting Russian oil, aiming to enhance control over compliance with the price cap.
Nonetheless, analysts believe that the administration of President Donald Trump will avoid harsh measures that could drive up global oil and gasoline prices in the U.S., prioritizing the containment of fuel costs for consumers. Meanwhile, Europe is embarking on a long-term reduction in dependence on Russian energy supplies: the European Union plans to extend mandatory gas storage filling targets and legally enshrine the cessation of pipeline gas imports from Russia. Russia itself has reoriented its oil and gas exports towards alternative markets – primarily Asia – offering buyers from China, India, and other countries significant price discounts. 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
In early January, Venezuela, home to the largest oil reserves in the world, has gained attention. A dramatic change of power occurred in the country: with U.S. support, President Nicolas Maduro was ousted and detained, and a provisional government in Caracas led by Delsy Rodríguez was established. The Donald Trump administration immediately announced plans to attract up to $100 billion in investments to restore Venezuela's decrepit oil sector and quickly increase production. Initial export deals for Venezuelan oil have already been made: major trading houses Vitol (Netherlands) and Trafigura (Singapore) received special licenses and began shipments of crude from previously accumulated reserves.
According to agreements with the provisional 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 cash inflows for the country. However, major international oil companies are proceeding cautiously: over the years of sanctions, Venezuela has accrued debt issues, and its oil infrastructure has seriously deteriorated. Experts note that even with U.S. political support, restoring production levels to those seen in the early 2010s (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 prolonged oversupply.
Asia: India and China Balancing Import and Domestic Production
- India: Under increasing pressure from Western sanctions and seeking to secure its energy supply, Delhi has reduced purchases of Russian oil and gas in recent months. The Indian government is diversifying imports, focusing on supplies from the Middle East and its traditional partners. Simultaneously, the country is promoting domestic oil and gas production, attracting investments in the exploration of new fields. For the rapidly growing Indian economy, ensuring stable fuel supplies is a key priority, thus India is trying to navigate between attractive prices from sanctioned barrels and the risk of secondary sanctions.
- China: As the world's largest importer of energy resources, China continues to ramp up its hydrocarbon production, seeking to decrease dependence on external sources. In 2025, China's oil production grew and approached historical highs; however, domestic production covers only about 30% of the country's needs. Beijing is actively purchasing oil in international markets, taking advantage of favorable prices. This includes China remaining a major buyer of discounted Russian oil, although overall import volumes have stabilized due to an economic slowdown. The Chinese government is simultaneously investing in strategic oil reserves and concluding long-term gas supply contracts to ensure energy security amid geopolitical uncertainty.
Energy Transition: RES Records and the Role of Traditional Generation
The global transition to clean energy continues to accelerate. By the end of 2025, several countries reported record levels of electricity generation from renewable sources. For instance, in the European Union, the combined share of solar and wind in generation temporarily exceeded 60% in the summer of 2025, China achieved a new historical maximum in annual solar and wind capacity additions, and the U.S. saw renewable sources generate more than 20% of its total electricity for the first time in a year. Investment in RES is on the rise globally, driven 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 variability of solar and wind energy, many countries are compelled to keep gas and coal power plants on standby to cover peak loads and prevent outages. Governments are delaying the shutdown of certain coal power plants and expanding energy storage system capabilities; however, fully abandoning oil, gas, and coal in the energy mix does not seem feasible at this stage. Traditional energy resources continue to play a key role in meeting base demand, complementing the rapidly growing RES sector.
Coal: Sustainably High Demand and Role in the Energy Balance
Despite the growing focus on clean energy, the global coal market remains surprisingly resilient. Global coal demand in 2025 was near record levels, and only a slight decline is expected in 2026. The primary consumption growth is due to Asian economies – primarily China and India – where coal remains one of the main sources of electricity due to its affordability and stable output. These countries continue to commission modern coal power plants to meet rising demand, offsetting declines in coal usage in Europe and North America.
International coal prices remain relatively high but without sharp fluctuations, reflecting the balance of supply and demand. Major exporters – such as Indonesia, Australia, and Russia – maintain a consistently high level of production and exports, allowing them to meet buyer needs. For many developing countries, coal remains a crucial part of the energy balance in the near future, ensuring energy supply for industry and households until alternative sources reach sufficient scale.
Russian Fuel Market: Measures to Stabilize Prices and Ensure Supply
In the domestic oil products market, Russian authorities continue to take steps to prevent price spikes and fuel shortages. Following last autumn's surge in wholesale gasoline and diesel prices, the government implemented export restrictions, which have been extended several times. In particular, the temporary ban on gasoline exports 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 limits on fuel sales at gas stations. At the same time, regulatory authorities have increased the compliance requirements for fuel sales on the stock exchange for oil companies and adjusted the damping subsidy mechanism to make internal market supplies more profitable for refineries. As a result, by the beginning of 2026, the situation began to stabilize: wholesale prices stopped rising, and retail prices at gas stations slowed their growth. The government states its readiness to continue using necessary tools – from increased export duties to direct interventions – to keep domestic fuel prices under control.
