The term
energy superpower has several potential definitions that might be used relating to different contexts.
[1] In recent years, however, it has come to be used to refer to a
nation that supplies large amounts of energy
resources (
oil,
natural gas,
coal,
uranium, etc) to a significant number of other states, and which therefore has the potential to influence world markets to gain a political or economic advantage. This might be exercised, for example, by significantly influencing the price on global markets, or by withholding supplies.
[2][3] The status of
"energy superpower" should not be confused with that of
"superpower", as the nature of an energy superpower is defined very differently due to the non-military nature of an energy superpower's power base.
[citation needed]Energy superpowers project greater power than would be otherwise possible due to their lock on the exportable energy markets, and are becoming increasingly valuable to the global economy. In the global commodities' boom of recent years many of these states have benefited massively from increased production and prices.[citation needed]
There are currently two "recognized" energy superpowers globally, both of whom have the largest reserves and production in their areas of energy they specialize in. Russia has the world's largest reserves of natural gas, and is is the worlds largest gas producer and exporter[4], while Saudi Arabia has the world's largest conventional oil reserves and maintains the world’s largest crude oil production capacity, estimated to be around 10.5-11.0 million bbl/d.[5] Actions taken by companies or the government in either state are enough to produce an immediate reaction in the stock market, although the markets have been known to second-guess Saudi Arabia's stated production numbers.[citation needed]
Russia is also the world biggest natural gas producer with 22.3% of global natural gas production and also the biggest exporter with 24.0% of global natural gas export.[9]In recent years Russia has identified the gas sector as being of key strategic importance. Many private oil and natural gas companies, most notably Yukos and Sibneft have been consolidated under the control of the state-controlled Rosneft and Gazprom respectively.
