Russia, Iran and Qatar Plan to Form Global Natural Gas CartelProspects and Challenges

Russia, Iran and Qatar Plan to Form Global Natural Gas CartelProspects and Challenges

Summary

On the lines of OPEC, a global organization of oil producing countries, Russia, Iran and Qatar, which possess 55% of global, proved natural gas reserves, have announced their plan to form an organization of major gas producing countries worldwide. In Tehran, representatives of the Russian natural-gas monopoly Gazprom met with counterparts from Iran and Qatar on October 21, 2008 and agreed to create a big gas troika. The plan may be finalized on November 18, 2008 when Russia hosts a forum of gas-exporting countries in Moscow. This forum may witness addition of new members like Algeria, Indonesia, Libya, and Venezuela. Once formed, the member countries will meet once in every quarter to discuss pricing and supplies of natural gas.

Scope

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