Fossil fuels dominate the overall energy production and investment mix in Eurasia. Countries in the region face common challenges, including significant temperature swings from harsh winter conditions to warm summers, ageing infrastructure and often inefficient patterns of energy use: the energy intensity of Eurasia’s GDP is around 70% higher than the global average.

Annual energy investment in Eurasia was almost USD 190 billion in 2015, but has since followed a downward trend, reaching its lowest point in the past decade, around USD 135 billion, in 2022. Declining costs for oil and gas supply partly explain this trend, but it has been exacerbated by the decline in Russian spending after its full-scale invasion of Ukraine and the loss of most of its European export markets. However, investment has picked up in other markets, notably in Kazakhstan with the launch of the USD 48 billion expansion of the Tengiz oilfield, Central Asia’s largest oilfield, which is operated by Tengizchevroil. Investment in 2025 reaches a level similar to that of 2020, at an amount of around USD 143 billion.

Despite fossil fuel investment maintaining a significant share of overall energy investment, Eurasia's upstream oil and gas investment is projected to be around USD 54 billion by 2025, around half of 2015 levels. This decline is particularly evident in greenfield projects, where investment has fallen from around 50% in 2015 to less than 20% in 2025. Around 75% of oil and gas upstream investment in the region is made by Russia. Low oil prices have pushed Russian companies to cut costs and focus on cheaper brownfield projects rather than new developments. Moreover, international sanctions against Russia have significantly affected the energy sector by limiting access to advanced drilling technologies, foreign capital and technical expertise from western companies.

Investment in renewables has remained low in Eurasia, despite a generally favourable resource base for wind and solar. However, there are some signs of change. Uzbekistan, for example, is looking to install more than 20 GW of renewable capacity by 2030, and there are also export-oriented initiatives under discussion for renewables-based electricity via a Green Energy Corridor. The region is also an important centre for nuclear power, with Russia a leader in nuclear energy design and construction. Since 2017, 45% of the nuclear reactors under construction worldwide use Russian designs.