US, Russia and China circle the Arctic
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
The Arctic has significant oil and gas potential but is also one of the most geopolitically sensitive spots on the map. The US, Russia, China and the Nordic nations find themselves navigating increasingly complex relationships—balancing domestic agendas with international competition and cooperation. The region's future will depend on how these competing interests play out. The Arctic is estimated to hold approximately 22% of the world’s undiscovered oil and gas reserves, or around 412b boe, with about 84% being offshore and gas making up about two-thirds of the total, according to a 2008 assessment by the US Geological Survey—the most recent comprehensive estimate available. About 95% of Ar
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