The oil estimate is probably close, I am not sure exactly what, but it is up there. The natural gas reserves, which are in reality the more significant figure as natural gas is already beginning to become more important than oil, I have seen quoted from many sources. I am inclined to think Russia does have approximately one third of the world’s natural gas reserves. Russia has been dealt the best card on the table when considering their natural gas potential and Putin seems an intelligent leader, we’ll see what he does with his position.
The high sulfur content in Saudi fields is indicative of tired reserves.
A big problem for Russia is the vastness of their country and the lack of an adequately sized population, which I believe is still in decline, to manage such a large land mass.
I thought this part was also interesting. It will give us a chance to discern what deals have been struck.
In return, Mr. Putin wants his Western partners to facilitate Russia's admission to the World Trade Organisation, recognise its strategic interests in the former Soviet Union, and give Russia technologies and investment it needs to diversify its economy. There are indications he will get what he wants. In May the European Union cleared Russia's WTO entry, waiving its demands to Moscow to raise domestic gas prices to world level, dismantle Gazprom's monopoly on natural gas exports, and allow private gas and oil pipelines on the Russian territory.
And having been satisfied that Russia and the United States have struck some kind of a mutually beneficial agreement Russia now seeks new military cooperation with China.
Ahhh! The Grand Game of Chess, get what you can and secure your position.
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