Energy superpower in the context of "Economy of Russia"

ā­ In the context of the Economy of Russia, the nation's designation as an 'energy superpower' is primarily attributed to itsā€¦

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ā­ Core Definition: Energy superpower

An energy superpower is a country that supplies large amounts of energy resources (crude oil, natural gas, coal, etc.) to a significant number of other countries - and therefore has the potential to influence world markets for political or economic gains. Energy superpower status might be exercised, for example, by significantly influencing the price on global markets or by withholding supplies. Nowadays, the term "energy superpower" is increasingly used to characterize nations at the forefront of energy transition and the development of renewable energy resources.

The term "energy superpower" lacks a precise scholarly definition and is primarily a political term. It is not a concept rooted in rigorous academic or scientific categorization but rather a label used in political discourse to describe countries that wield significant influence in the global energy landscape. This term is subject to interpretation;and can be applied differently by individuals and organizations - depending on their specific agenda or perspectives. As a result, the meaning and applicability of the term "energy superpower" may vary.

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šŸ‘‰ Energy superpower in the context of Economy of Russia

The economy of Russia is a high-income, industrialized, mixed and market-oriented emerging economy. It has the ninth-largest economy in the world by nominal GDP and the fourth-largest economy by GDP (PPP). Due to a volatile currency exchange rate, its GDP measured in nominal terms fluctuates sharply. Russia was the last major economy to join the World Trade Organization (WTO), becoming a member in 2012.

Russia has large amounts of energy resources throughout its vast landmass, particularly natural gas and petroleum, which play a crucial role in its energy self-sufficiency and exports. The country has been widely described as an energy superpower; with it having the largest natural gas reserves in the world, the second-largest coal reserves, the eighth-largest oil reserves, and the largest oil shale reserves in Europe. Russia is the third-largest exporter of natural gas, the second-largest natural gas producer, the second-largest oil exporter and producer, and the third-largest coal exporter. As of 2020, its foreign exchange reserves were the fifth-largest in the world. Russia has a labour force of about 73 million people, which is the eighth-largest in the world. It is the third-largest exporter of arms in the world. The large oil and gas sector accounted up to 30% of Russia's federal budget revenues in 2024, down from 50% in the mid-2010s, suggesting economic diversification.

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Energy superpower in the context of Economy of Iran

Iran has a mixed, centrally planned economy with a large public sector. It consists of hydrocarbon, agricultural and service sectors, in addition to manufacturing and financial services, with over 40 industries traded on the Tehran Stock Exchange. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an "energy superpower". Nevertheless since 2024, Iran has been suffering from an energy crisis.

Since the 1979 Islamic revolution, Iran's economy has experienced slower economic growth, high inflation, and recurring crises. The 8-year Iranā€“Iraq War (1980ā€“1988), increased Corruption in Iran, and subsequent international sanctions severely disrupted development. In recent years, Iran's economy has faced stagnant growth, inflation rates among the highest in the world, currency devaluation, rising poverty, water and power shortages, and low rankings in corruption and business climate indices. The brief war with Israel in June 2025 further exacerbated economic pressures, causing billions in damage and loss of revenues. Despite possessing large oil and gas reserves, Iran's economy remains burdened by structural challenges and policy mismanagement, resulting in limited growth and a decline in living standards in the post-revolution era.

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LINKED FROM (PARENTS)
← Economy of Russia ← Economy of Iran
LINKS TO (CHILDREN)
Natural resource → Crude oil → Natural gas → Coal → Sphere of influence → World oil market chronology from 2003 → Energy transition → Renewable energy → Political discourse →