The return of Russian crude

Russia has reclaimed its position as the world’s biggest oil producer for the first time in a decade – but uncertainty is still preventing some foreign oil firms from making the investments the country needs to fulfil its potential. Kevin Foster reports

For the first time in years, US and Russian politicians are sounding consistently bullish about the prospects for co-operation in developing Russia’s massive crude oil reserves. The first formal US-Russian oil summit, held in Houston in October 2002, was attended by energy ministers from both countries and explored the potential for technology, trade and investment in Russia’s burgeoning oil