Global News of the Oil, Gas, and Energy Sector for Sunday, February 8, 2026: Oil, Gas, Refineries, Electricity, Renewables, and Key Events of 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 – in the range of $64–66). After a decline at the end of 2025, quotes have partially recovered due to coordinated actions by OPEC+ and certain geopolitical factors. Nevertheless, overall pressure on the market persists due to oversupply and uncertainty in the global economy. The European Union announced this week its 20th sanctions package against Russia, which includes a complete ban on servicing maritime transportation of Russian oil and adds dozens of tankers from the "shadow fleet" to the sanctions list. These measures increase the sanction pressure on hydrocarbon exports from Russia. Simultaneously, India has experienced a sharp decline in Russian oil purchases – January imports fell by more than three times, indicating a potential reorientation of trade flows.
Within Russia, the government continues to closely monitor fuel prices: the Federal Anti-Monopoly Service has initiated unplanned inspections of oil companies in response to inflationary risks in this sector. The winter season has brought extreme cold and new records for energy consumption: peak loads on the energy system and historical maximums for gas demand have been recorded in several regions. At the same time, the global energy transition shows no signs of slowing down – investments in renewable energy are hitting record levels, and in the European Union, the share of "green" generation surpassed fossil fuel power generation for the first time by the end of 2025. In this review, we examine current trends in the oil and gas markets, analyze the position of Russia’s fuel and energy complex, and highlight relevant events in the coal, electricity, and renewable energy segments.
Oil Market
In early February, oil prices show cautious growth after a decline in the second half of 2025. Brent quotes hold around $68–70 per barrel, having recovered from recent lows near $60, largely due to signals from OPEC+ regarding their willingness to support the market. The alliance of major exporters suspended its planned increase in production at the end of 2025 and reaffirmed its intention to maintain existing production limits at least until the end of the first quarter of 2026. This decision is connected to seasonally weaker winter demand and a desire to prevent overproduction amid a fragile balance of supply and demand.
- OPEC+ Policy: Members of the alliance continue to maintain significant production cuts (around 3.7 million barrels/day) instead of the previously planned increase, citing uncertainty in the global economy. OPEC anticipates an increase in global oil demand of approximately +1.2 million barrels/day in 2026 (to over 105 million barrels/day), but acknowledges that a slowdown in China's economy and high interest rates in the US and Europe could 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 swiftly to external shocks.
- Geopolitics and Sanctions: The sanctions standoff around Russian oil continues to affect the market. The 20th sanctions package from the EU includes a ban on servicing maritime transportation of oil from Russia: European companies are prohibited from insuring and financing tankers with Russian raw materials, and "blacklists" of violating vessels are expanding. These restrictions complicate export logistics and increase uncertainty for Russian suppliers. Simultaneously, key importers are seeking alternatives: India, which previously became the largest buyer of Russian oil at a discount, reduced its purchases in January to about a third of last year's levels. Russian officials assert that there are no fundamental changes in India's approach to Russian raw materials, but the fact of import diversification signals the flexibility of Asian consumers and intensifying competition for markets.
The combination of these factors prevents oil prices from collapsing but also limits their potential for growth. 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, quotes remain relatively stable, and volatility is limited by the standards of recent years.
Natural Gas Market
The winter period is traditionally marked by increased demand for natural gas, and the beginning of 2026 is no exception. Abnormal freezing temperatures in Eurasia have led to a rise in gas consumption for heating and electricity generation. In Russia, daily gas withdrawals from the network in early February set new historical highs for two consecutive days – heightened demand is recorded from both the residential sector and industry. Despite this, gas prices in the European market remain comfortable. TTF quotes fluctuate around $10–12 per million BTU, significantly lower than crisis peaks in 2022. Record LNG imports 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 alleviated pressure on storage facilities.
Meanwhile, Russia is redirecting its gas exports to the East. Pumping to China via the "Power of Siberia" pipeline continues to grow, while new LNG production capacities for the global market are being introduced. East Asian economies, primarily China, are increasing gas consumption as the industry recovers, but competition from cheap coal and expanding renewable energy limits more rapid growth in demand.
Overall, the gas market has entered 2026 without the previous turbulence: prices have stabilized, and volatility has decreased to its lowest levels in recent years.
Domestic Fuel Market in Russia
Russian authorities continue to keep fuel prices under control. Following a spike in gasoline and diesel prices in autumn 2025, the government has intensified oversight: since January, the Federal Anti-Monopoly Service has been conducting inspections of oil companies for collusion. In the event of signs of shortage, authorities are prepared to restrict 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 Russian Ministry of Energy is updating programs and strategies for the development of the fuel and energy complex for 2026, taking into account sanction restrictions and the global energy transition. The key focus is on energy security and export diversification, with the development of ties with countries in Asia, the Middle East, and Africa.
The international agenda also remains busy. Disputes continue within the European Union regarding energy sanctions: for example, Hungary openly states its intention to block restrictions against the Russian nuclear industry, considering cooperation in peaceful nuclear energy critical to its energy system. This shows that consensus within the EU is not easily achieved. Meanwhile, dialogue among key players in the global energy sector continues unabated. OPEC+ and Russia maintain mutual understanding on measures to stabilize the oil market. "Rosatom" continues constructing nuclear power plants abroad under previously signed contracts.
Coal Sector
The Russian coal industry continues to redirect towards Asian markets against the backdrop of declining demand in Europe. Countries in Asia (China, India, etc.) maintain high demand for thermal coal, which partially offsets the sanctions losses of Russian companies. The Russian government supports exporters with subsidies for coal transportation and encourages improvements in product quality to compete in eastern markets.
Electric Power Sector
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 to cope without disruptions, utilizing reserves. In Europe, there were also no interruptions: declines in hydroelectric generation due to a low-snow winter were compensated by increased generation from gas and renewable facilities. The energy modernization continues: new gas and coal capacities with environmental improvements are being introduced, large solar and wind farms are being constructed, 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), in 2024, global installed renewable energy capacity grew by a record 585 GW (+15%), accounting for over 90% of the total generation increase. Preliminary data for 2025 suggests this trend is continuing: an investment boom and the decreasing cost of technologies allow for the annual introduction of increasing volumes of solar and wind power plants. 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 exceeding contributions from fossil fuels. The explosive growth of solar energy (over 20% year-on-year) played a special role.
Many countries have raised their targets for the share of renewable energy sources by 2030 and are launching additional incentives for the sector. Concurrently, interest in energy storage technologies, carbon capture, and green hydrogen is growing – this indicates an increasingly comprehensive approach to decarbonization. Although the pace of transformation must be increased to meet climate commitments, the trends of 2024–2025 instill cautious optimism. Renewable energy has already become one of the main drivers of investments and innovations in the global energy sector, defining the long-term development vector of the industry.
