Russia, Iran and Qatar, the new OPEC-style ‘gas troika‘, is to meet later this month to agree on a draft charter. Kazakhstan and Azerbaijan have agreed to cooperate on setting up an oil transport system that will bypass Russia. The Nabucco pipeline is also designed to reduce EU reliance on Russia, and could be operated with Azeri and Iraqi gas. New reports show that Russia is now exporting less than half of its oil. How will Barack Obama’s pledge to move away from oil dependence affect major companies like ExxonMobil?