2016 turned out to be the hottest year on record. Moreover, with 2014 and 2015 previously winning the title of the hottest year, 2016 becomes third one in a row. Besides, 16 out of 17 hottest years on instrumental temperature record took place in the 21st century.
In March-April of 2014, the US and the European Union countries, Canada along with Australia and Japan imposed sanctions on Russia over Ukrainian/Crimean crisis. These sanctions mostly targeted Russian arms, energy and financial state-owned entities and Russian officials.
On December 23, 2016, the Bloomberg news agency reported that the Kazkommertsbank, which is the biggest commercial bank in Kazakhstan, is in trouble and borrowed 400 billion tenge from the National Bank of Kazakhstan (NBK) to deal with its liquidity problems
The Kashagan oilfield is located in the nature reserve area of the northern part of the Caspian Sea. The waters here are shallow with depth of two to ten meters. Moreover, the area has an extreme weather conditions with hot summers and cold winters.
During the last 10-15 years, period the economic policy of the government of Kazakhstan concerning the domestic economy has been shaped in accordance with the objectives of supporting non-oil sector of the economy.
Iran has the fourth largest oil and second largest natural gas reserves. However, despite the rich hydrocarbon resources, lately, the country has shown a great interest in developing the renewable energy sector.