Caspian Energy Producers in the ‘New Oil Order’: Neglected by the West, Looking East 2

02 Dec 2019

(CAD) The shale revolution and the transition to a low-carbon economy in the industrialized West have ushered in a new era of energy. The Trump administration in the U.S. has pushed a new ‘America first’ energy policy aimed at transforming the U.S. into a global energy superpower. The rise in shale gas production has brought energy prices tumbling down. Traditional oil producers have been hit hard by low oil prices. The new energy order also means a lower demand in the West for Caspian fossil fuels. International oil companies have shown no interest in investing in new Caspian energy developments, and the idea of building a seabed Trans Caspian Pipeline (TCP) to connect Central Asia to Azerbaijan remains stuck on paper. In this article, I examine the impacts of these macro-structural changes on Azerbaijan, Kazakhstan and Turkmenistan. [...]

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