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
Also in this section
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
