Oil and natural gas is either currently, or is planned, to run from Turkmenistan, Kazakhstan and Azerbaijan to several pipeline projects running through and around Russia, putting the Caspian region at the center of the energy market.

Moscow has moved to sign several pipeline projects to transport resources to southern Europe from Kazakhstan and Azerbaijan. Meanwhile, the United States has pushed several regional projects to counter Russian interests in Caspian reserves.

With this in mind, the energy-rich countries in the region will emerge as major players in the energy market, but some analysts worry the estimated capacity in the region is insufficient to meet all of the demands, Igor Zonn with the Russian Academy of Natural Sciences writes for RIA Novosti.

Energy analysts expressed concern in recent weeks that oil reserves from Azerbaijan, for example, are not enough to meet pipeline capacity, putting their full operation in doubt.

Zonn notes that the focus on Caspian reserves is based on word of mouth and speculation, noting "their reserves are virtual reserves" that have yet to be fully realized.