Caspian Oil Battle
By Micah Halpern
Tuesday August 13, 2019
I've Been Thinking:
The five nations that surround the oil rich Caspian Sea (or Lake) met on Monday to figure out how to divide the great natural wealth - oil, that lies there.
Russia, Iran, Azerbaijan, Turkmenistan and Kazakhstan all have a stake. Russia and Iran are most insecure about what might happen.
Because of that insecurity they have not ratified an agreement that was drawn up last year. The other three countries are waiting for Russia and Iran to make the first moves and sign.
Both Iran and Russia are afraid that this newly found oil will change the supply of oil on the world market. They are particularly worried about Western countries that are urging the construction of a Caspian natural gas pipeline that will bring that oil over land to the West, especially Western Europe.
Iran and Russia need to preserve their reserves, keep the supply down and make certain the prices of oil and gas stay high.
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