In recent years the Caspian Sea has become one of the most promising regions in the world for oil investment and output, while on the other hand it has come to be at the centre of fierce competition regarding access to resources through pipelines. The ethnic tensions, political instability, slow development of democracy and geopolitical rivalry are causes for concern to parties in the region.The Caspian region has played an important role in the energy trade since the middle of the 19th century. Between 1872 and 1913, oil from Baku accounted for between 95 and 97 percent of all of Russia’s oil production and 50 percent of the world’s output. Baku oil continued to meet 70 percent of the Soviet oil demand until the 1940s.
By Dr. Cenk Sevim
You can read the rest of the article on our issue of May

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