FORMER SOVIET UNION

FORMER SOVIET UNION (Europe/FSU)	Azerbaijan Belarus Georgia Kazakhstan Kyrgyzstan Lithuania Russia Tajikistan Turkmenistan Ukraine Uzbekistan	POPULATION: 305 mm AREA (on): km² OIL PEAK: (forecast)
SUPPLY The countries of the former Soviet Union are major oil and gas producers. Although onshore oil production will reach a peak around 2012, new offshore production from Russia and Kazakhstan in the Caspian Sea and from Russia off Sakhalin Island will continue to impact the market over the long term. Both onshore and offshore gas production were rising from Russia, Azerbaijan, and Kazakhstan, and also from onshore Turkmenistan and Uzbekistan but the recession has reduced demand, especially for Russian gas, and so developments will be delayed, leading to some reduction in output for a period up to 2012. DEMAND Former Soviet Union gas demand is bound to increase rapidly as new supplies are realised, replacing other fuels (especially oil) wherever possible. Exports of oil will continue to grow whilst gas exports will decline through to 2013 before rising again when new supplies come onstream able to offset new demand needs in Europe and Asia. There are strong incentives for the FSU to develop more gas to serve the needs of these markets.
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