1 european union russia relations the oil and gas sector in mid 2002 ian k lilly university of auckland monthly statistics on global energy trends show that february russian federation temporarily overtook saudi arabia as world s premier producer this development was made possible both by vigorous expansion major companies over last two or three years see table decision host to greatest crude reserves any single country obey an opec sponsored cut production government while officially supporting refrained from meddling affairs its listed it best interests allow lukoil leader ignore international pleas for constraint instead drive up among other motives federal property ministry had signalled wish auction off a 5 9 percent stake part residual shareholding company increase productivity would be reflected value wall street therefore eventual rewards reemergence significant
