UPI Energy Watch

Global energy security heavily relies on the future of Caspian oil and production, according to the U.N. European Commission Economic report on Global Energy Security and the Caspian Sea Region.

The report, which was discussed at 15th Annual Session of UNECE Committee on Sustainable Energy held in Geneva, Switzerland, on Nov. 28-30, assesses the risks of energy security in the region.

The report says oil output from Russia and other Caspian countries will increase. Russia extracts 9.6 million barrels of oil, or 12 percent of the global oil output daily. New production projects are planned for the Caspian region, eastern Siberia and on Sakhalin Island.

UPI