Russia’s energy policy is set out in the government’s Energy Strategy document, first approved in 2000, forex pro natural gas sets out the government’s policy to 2020. In July 2008 Russia’s president signed a law allowing the government to allocate strategic oil and gas deposits on the continental shelf without an auction procedure. Russian energy policy of pumping 10.
6 million barrels of oil a day is nearly 4 billion barrels annually. Russia’s proven oil reserves are 100 billion barrels. Russian oil production and export had increased significantly since 2000, and in 2006 temporarily exceeded Saudi Arabia’s production. Since 2016, Russia is the top crude oil producer. Russia is also the world’s largest energy producer.
Middle Eastern energy resources, asserting that it is in fact a “reliable energy supplier and that it only seeks to use its position as an important supplier to enhance global energy security”. The Russian economy is heavily dependent on the export of natural resources such as oil and natural gas, and Russia has used these resources to its political advantage. The economy of the Union of Soviet Socialist Republics was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning. The economy was characterized by state control of investment, and public ownership of industrial assets. The concept of a Russian national energy policy was approved by the Russian government in 1992, and the government decided to develop the Energy Strategy. For this purpose the Interagency Commission was established. The strategy was amended under the presidency of Vladimir Putin.