EFTA Document EFTA01367365

31 May 2015 Integrated Oil US Integrated Oils Caspian Sea, ex Russia Production from the Caspian Sea is largely concentrated around a few mega projects in Kazakhstan and Azerbaijan (with smaller contributions from Turkmenistan and Uzbekistan). The recent reduction (25%) in the Kazakhstan oil export duty this past March was not much of a surprise as the government had announced its intention to reduce rates in response to the lower oil price environment earlier this year. With the drop