Russia and Iraq are giants in the hydrocarbon industry. The two powerhouses were the third and sixth greatest oil producers in 2012, and Iraq’s oil reserves rank fifth in the entire world. Russia’s natural gas reserves are the highest on the planet, and its 2012 production average of 63.4 Bcf/d allowed it to export 76% of its natural gas across Europe and Asia. The Energy Information Association reports more than half of Russia’s federal budget is dependent on its oil and gas business, and its geographical advantage provides its plentiful resou...


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