Black Sea–Caspian Steppe Black Sea–Caspian Steppe The Black Sea-Caspian Steppe is an informal name for that part of the Eurasian Steppe that extends south between the Black and Caspian Seas. It is usually treated as part of the Pontic-Caspian steppe which includes the area north of the Black and Caspian Seas, but there is some reason to treat it as a distinct place. Its natural boundaries are the Sea of Azov and Black Sea on the west, the Caucasus Mountains on the south and the Caspian Sea on the east. Its northern boundary may be taken as the triangle formed by the lower
Caspian Sea around 4 million bbl/day. Additionally, Iran has an estimated 988.4 trillion cubic feet of natural gas, around 16 percent of total world reserves, which makes it to play a key role in the global energy security equation. Russia's economy ranks as the twelfth largest by nominal GDP and sixth largest by purchasing power parity in 2015. Russia's extensive mineral and energy resources are the largest such reserves in the world, making it second leading producers of oil and natural gas globally. The Caspian Sea region presently is a significant, but not major, supplier of crude oil to world markets, based