It’s very encouraging and very positive, and a strong signal that we’re moving into the next stage of the state trying to encourage investments.

A safe number is probably double that (72 billion barrel) figure. But it’s not impossible it’s three times as high.

Russia is saying you can’t have your cake and eat it. If you’re in the Russian sphere of influence, you get cheap energy. If you aren’t, you don’t.

When they make that adjustment, it should lead to one-off demand of around $8 billion from [large mutual] funds. That’s one of the drivers of the share price.

The two groups are clearly vying for a dominant position in energy. The only thing we are sure of is that ultimately a state company will be dominant.

In practice, we are not expected to see much volume in the following two weeks.

Of itself, it won’t have an effect on the share price.

Russia is unable to increase its exports without cheap gas from Central Asia to compensate for a deficit on its domestic market.

Russia’s position is very tight.

Russia is risking losing credibility as a reliable energy supplier by cutting off supplies to an external customer on the same day it takes over as leader of the G-8.

International investors look at Russia as part of a global picture.

The international banks are facing enormous pressure to get people on the ground in Russia. The market keeps going up, the number of international investors keeps rising and this looks to continue next year.

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They have a vested interest.