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"Russia ranks amongst the world’s top oil, gas and coal producers, with reserves of all which most of the rest of the world would envy. But it has a downside. Russia is one of the world most inefficient users of energy, and with the world increasingly looking to promote renewable energy, it means that Russia’s renewable energy sector hasn’t been as prominent as those elsewhere.
Russian Premier Vladimir Putin says research shows that Russia has enough oil and gas for itself and for Europe for the next 100 years.
We have enough energy resources to meet our own growing demands as well as the demands of our European consumers for at least another hundred years. I am saying this with full responsibility based on serious research,” said Russian Prime Minister Vladimir Putin at a news conference following talks with his Hungarian counterpart Ferenc Gyurcsany.
The CIA World Factbook estimates Russia’s oil deposits at 79 billion barrels and natural gas at 44.65 trillion cubic meters.
Europe imports a quarter of its energy resources from Russia, the share of Russian gas making up 42 per cent of all natural gas consumed in Europe.
Russia’s main gas producer Gazprom is currently building the South Stream and Nord Stream gas pipelines to increase supplies to Europe. Once finished, the two pipelines will satisfy approximately 16 per cent of Europe’s gas needs."
The public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated.