December 1995: Caspian Sea Said to Contain Two-Thirds of World’s Known Oil Reserves

The American Petroleum Institute asserts that the states bordering the Caspian Sea, north of Afghanistan, contain two-thirds of the world’s known reserves, or 659 billion barrels. Such numbers spur demand for an Afghan pipeline. However, by April 1997, estimates drop to 179 billion barrels. [Middle East Journal, 9/22/2000] This is still substantial, but the estimates continue to drop in future years (see November 1, 2002).