void because of fraud and irregularities. Riots erupted for a sec- ond day, with gunshots heard in several locations in Tehran and unrest in the Caspian Sea city of Rasht and the central Iranian city of Shiraz, witnesses said in phone interviews. A large rally is planned by Mousavi sup- porters for t

st totally isolated and crucially weakened. That Moscow cannot allow. Why is Iran so central to Mr. Putin's global pretensions? Take a look at the Caspian Sea area map and the strategic equations come into relief. Iran acts as a southern bottleneck to the geography of Central Asia. It could offer the West

Iran and the Rest of OPEC 33 Other Risks to the Outlook 37 A Country by Country Outlook on Key Players 40 Angola 40 Brazil 42 Canada 44 Caspian Sea, ex Russie 47 Colombia 49 U.S. Gulf of Mexico 51 Malaysia 54 Mexico 56 North Sea 59 Russia 61 Appendix 63 Page 2 Deutsche Bank Secur

019E 2020E • GoM • Colombia • Non-OPEC Africa • Non-OPEC Middle East • Australia • Malaysia ell Indonesia • Other Non-OECD Asia • Russia • Caspian Sea i Total North Sea a Other Non-OPEC Latin America • Other i Mexico • China i India OTotal Canada 0 Brazil ▪ n'ell.11 Through 2017, the vast

I 7 Cumulative Growth (Mbid) Figure 14 2014.2020 Cumulative Growth (Mbrkt Mexico MI Non-OPEC Mickile East Colombia ■ North Sea • Alaska r Caspian Sea India Europe Non-OECD Other Non-OECD Asia Angola Other FSU Australia Other Non-OPEC Latin America Other Europe OECD China Indonesia Other

ility project) are expected to partially offset declines. Primary Risks In our view, the primary risks to the 2015-2020 production outlook for the Caspian Sea include delays to unsanctioned projects amid lower crude prices as well as increased operational delays associated with the restart of the Kashagan

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 contributi