Russia here to stay as energy superpower

Reuters notes that we’re going to have to get used to Russia being an energy superpower:

Gas monopoly Gazprom warned on Tuesday there was still a risk of supply disruptions to Europe if Ukraine continues to expropriate Russian gas from the pipeline crossing its territory.
Europe relies on Russia for a quarter of its gas imports. Russia plans to increase its gas exports to Europe by a third to 200 billion cubic meters a year by 2020 but its market share will remain constant as European demand grows.
Russia’s oil output has also grown rapidly in recent years and hit a post-Soviet high in December 2005.
The country produces every tenth barrel of oil in the world and is the world’s second largest crude exporter after Saudi Arabia, with supplies going mainly to Europe.
Russia’s crude exports of up to 5 million barrels per day cover more than a quarter of Europe’s oil needs and Russia’s main crude oil export blend Urals is the main traded grade both on the Mediterranean and in northwest Europe.

The last time energy prices spiked, Russia conducted a bold acquisition–Afghanistan.

Posted by on January 4th, 2006 at 5:37 am


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