In July 2008 Russia’s president signed a law allowing the government to allocate strategic oil and gas deposits on the continental russian foreign energy policy 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 200 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. On 23 November 2000, the government approved the main provisions of the Russian energy strategy to 2020.
On 28 May 2002, the Russian Ministry of Energy gave an elaboration on the main provisions. Majority state-owned Gazprom has a monopoly of natural gas pipelines and has the exclusive right to export natural gas, granted by the Federal Law “On Gas Export”, which came into force on 20 July 2006. Historically, the Medvezhye, Urengoy and Yamburg gas fields have made up the bulk of Gazprom’s production. The main export markets of Russian natural gas are the European Union and the CIS.
