GLOBAL OIL

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Russia is a vast country and controls enormous natural resources. In oil it is the 2nd largest producer in the world, only slightly less than Saudi Arabia.

The Communist state completely controlled the oil industry until the dissolution of the Soviet Union in 1991. The new government privatized Russia's natural resouces, but this lead to widespread corruption. Oligarchs liquidated much of the country's mineral wealth.

The Putin government has re-asserted govermental control of the nation's mineral wealth, especially oil, and reined in the oligarchs.

Russian energy production far outstrips demand, leaving much for export. The country has been accused of using its surplus for diplomatic leverage against other energy-dependant countries, esp. the Ukraine.

The Samotlor and Romashkino fields (20 and 17 billion barrels respectively) have probably peaked, although advanced extraction techniques are being used to prolong their lifespan.

Click "Next" to see information on oil in Russian Siberia.