Caspian contagion risks
A banking crisis is a short-term risk in a region bursting with energy developments
A banking crisis in Azerbaijan and Kazakhstan has put a renewed onus on the oil and gas sector as both Caspian economies struggle to deal with the fallout from a slowdown in neighbouring Russia and China. Analysts fear the banking problems of the two economies—still reeling from a decline in commodity prices and currency devaluations—may spread, affecting big capital-spending plans aimed at arresting declining oil production. A default by the International Bank of Azerbaijan (IBA) in May sent shockwaves across the Caspian after the country's largest lender said it was seeking a write-down as part of a $3.3bn restructuring. Kazakhstan, which is undertaking yet another painful restructuring of
Also in this section
2 January 2025
A renewed push for oil and gas production in the combined with a continued focus on decarbonisation are just two of the trends to look out for in the coming year
2 January 2025
The climate narrative has centred on phasing out fossil fuels in favour of renewables and novel solutions, but increasingly, policymakers are realising the importance of hydrocarbons as an enabler of the transition
2 January 2025
Global population growth is leading to ever-rising demand for reliable and affordable energy, a need gas is perfectly placed to meet
31 December 2024
With a raft of scare stories around peak demand and climate change, 2025 should be the year smart investors leave the Big Oil bogeyman to the stuff of child’s play
