Current Global News in the Oil, Gas, and Energy Sector as of December 24, 2025: Oil, Gas, Electricity, Renewable Energy, Coal, Refining, and Key Trends in the Global Energy Market.
On the diplomatic front, negotiations to settle the protracted conflict in Eastern Europe continue without concrete results. The rigid sanctions regime in the energy sector remains unchanged.
The global oil market remains under pressure from excess supply and weakened demand. The price of the benchmark Brent crude hovers around $60 per barrel – a low not seen since approximately 2021. This indicates the formation of a surplus of raw materials in the market. The European gas market demonstrates relative stability: even at the peak of winter consumption, gas storage in the EU is approximately 67% full, virtually eliminating the risk of shortages. Stable supplies of liquefied natural gas (LNG) and alternative pipeline fuels maintain prices at moderate levels, significantly below the peaks of 2022, easing the burden on consumers.
Meanwhile, the global energy transition is accelerating. Many countries are setting new records for power generation from renewable sources (RES), while traditional coal and gas power plants continue to play an important role in ensuring the reliability of energy systems. 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 Prices and OPEC+ Strategy
The oil market continues to experience downward pressure on prices: Brent is trading around $60 per barrel, while WTI is around $55. These are the lowest levels in nearly four years. The main reasons for this price decline are:
- Increase in supply. OPEC+ countries have ramped up production by millions of barrels per day, creating a surplus of raw material and additional pressure on prices.
- Hopes for peace. Progress in negotiations to resolve the conflict has generated expectations of easing sanctions and the return of Russian oil to the market, which also puts pressure on prices.
- OPEC+ policy. After months of increasing production, the participating countries agreed to halt further increases in supply in Q1 2026 to avoid overproduction. At the December meeting, the alliance approved only a symbolic increase in quotas (+137,000 barrels/day). Major exporters have indicated their willingness to cut production again if prices fall below acceptable levels.
Influenced by these factors, the global oil market is experiencing a moderate surplus. Even geopolitical incidents and new restrictions cause only temporary price fluctuations, leaving the overall downward trend unchanged. Market participants are awaiting new signals—both from diplomatic efforts and from OPEC+ actions—that could shift the risk balance for oil prices.
Natural Gas and LNG Market
Europe entered the winter season relatively confidently: gas storage in the EU is filled to more than two-thirds of its maximum, significantly reducing the likelihood of shortages even during peak demand periods. Additionally, record LNG supplies compensated for the loss of Russian pipeline gas. As a result, gas prices have stabilized at levels significantly below the crisis peaks of 2022, noticeably alleviating consumer costs.
- Record LNG imports. In 2025, Europe imported approximately 284 billion cubic meters of liquefied gas—this is a historical maximum. The key supplier was the United States (up to 60% of the volume).
- Rejection of Russian gas. The European Union aims to completely cease purchases of Russian gas by 2027. Beginning in early 2026, a ban on purchasing Russian LNG in the spot market will come into effect, compelling EU countries to shift entirely to alternative supply sources.
Globally, demand for natural gas remains stable primarily due to Asian countries. At the same time, competition among exporters is intensifying: countries in the Middle East and North Africa are actively investing in new LNG projects, looking to capture a share of the growing market. Meanwhile, increased gas exports from the USA and Australia are creating a surplus of supply, keeping global prices within moderate ranges.
Renewable Energy: Record Growth
The year 2025 saw unprecedented growth in "green" energy. According to industry reports, in the first half of 2025, the installed capacity of solar and wind power plants increased by over 60% compared to the same period last year, with electricity generation from RES for the first time exceeding generation from coal-fired power plants (on a half-year basis). However, even such record growth is insufficient to achieve long-term climate goals—further investments and upgrades to electrical grids are required.
Coal Sector: Peak Demand
Global coal consumption in 2025 reached a record volume (an increase of approximately 0.5%). A prolonged plateau in consumption is predicted, followed by a gradual decline toward 2030. Coal remains the largest source of electricity, but its share has begun to decrease due to competition from alternative sources.
Regional dynamics in coal demand vary. In China, the largest consumer (over 50% of global volume), coal use stabilized in 2025; a gradual decline is expected by the end of the decade as RES capacities come online. In India, record hydropower production has resulted in a decrease in coal combustion for the first time in years, while in the United States, a small increase in coal use has been observed amid high gas prices and extended operation of coal-fired power plants.
Oil Products and Refining: High Margins
By the end of 2025, the oil products market is showing high profitability for refineries. Global refining margin metrics (the so-called crack spreads) have risen to multi-year highs. The reasons for this include sanctions that have reduced oil product exports from Russia, closures for repairs at several major refineries in Europe and the USA, and delays in commissioning new refining capacities in the Middle East and Africa. The profitability of the European diesel market is particularly high: the diesel refining margin in Europe has risen to levels not seen since 2023.
In response, refiners are trying to capitalize on the favorable market conditions. Major oil companies report a sharp increase in refining profits driven by high gasoline and diesel prices. It is estimated that European refineries increased crude oil processing by several hundred thousand barrels per day in the second half of 2025. Analysts warn that without new capacity coming online, fuel shortages may persist, and high margins could continue into 2026.
Geopolitics and Sanctions: Impact on Markets
Geopolitical factors continue to significantly influence global commodity markets. Sanction restrictions in the oil and gas sector remain stringent and strictly enforced. In December, the USA intercepted an oil tanker off the coast of Venezuela and ramped up pressure on the “shadow fleet” transporting Iranian oil. Despite the bans, Iranian exports reached their highest level in recent years thanks to shipments to Asia in 2025. Russian oil and oil products have been completely redirected to alternative markets (China, India, the Middle East), yet price restrictions and EU embargoes continue to reduce industry revenues. Furthermore, starting in 2026, the EU will introduce a ban on the import of Russian LNG, effectively completing the energy split between Europe and Russia.
Against this backdrop, market participants are incorporating heightened political risks and price premiums into their forecasts. Any signals of easing sanctions or diplomatic progress have a notable impact on the market. For now, companies are adapting to the new conditions by diversifying logistics and sales channels.
Investments and Projects: Looking Ahead
Despite the volatility, significant investments continue to flow into the energy sector, both in traditional oil and gas complexes and in green energy. Middle Eastern countries are expanding oil and gas production (for example, ADNOC has attracted around $11 billion to increase gas production), while leading exporters such as Qatar and the USA are increasing LNG export capacities. At the same time, global corporations are investing in the construction of new solar and wind power plants, as well as in promising technologies, including hydrogen energy and energy storage systems. A wave of new mergers and acquisitions and the launch of large projects are expected in 2026, both in the traditional sector and in the RES sector.
