The low oil price made 2016 a challenging year for economies and currencies dependent on hydrocarbon exports. The low oil price weakened foreign exchange rates and kept investment levels low. However 2016 was also a landmark year for securing long term oil supply. Kazakhstan hosted the largest FID of the decade with a US$37 billion expansion at Tengiz. All eyes are now on Kashagan as production restarted. An essential contract extension at Azerbaijan s Azeri Chirag Guneshli PSC concluded an eventful year for the Caspian.