EU-Russia Energy Dialog at the Origin of the European Foreign Energy Policy
Article from: OGEL 2 (2009), in EU - Russia relations
Russia is the world's largest producer and exporter of natural gas and together with Saudi Arabia also the largest producer and exporter of oil. Russia controls more than 20% of the world's known gas reserves and 5% of proven oil reserves. Energy products represent more than 60% of Russia's overall exports to the EU, equal to more than €60 billion annually (60% of Russia's oil exports and 50% of gas exports go the EU). The Russian Federation is also the EU's most important single supplier of energy products. Over a quarter of gas and oil consumed in the EU originates in Russia. A ...