This paper provides a brief overview of the political economy of Caspian oil. It begins by situating the Caspian region’s oil sectors in the larger global market, before proceeding to examine the ways in which the Azerbaijani, Turkmen and Kazakh oil sectors have been organised and governed since 1991. The paper then considers the likely consequences of recent policy shifts in Kazakhstan, the region’s most important oil producer. A further section considers the questions of transport infrastructure and export routes, which remain particularly complex problems for Central Asia’s landlocked producers. This is followed by a brief conclusion. The paper’s central argument is that it is by no means certain that the Caspian region’s hydrocarbon potential will be developed in a timely, economically efficient way
To submit an update or takedown request for this paper, please submit an Update/Correction/Removal Request.