‘Gas OPEC’ could be established in June – paper

MOSCOW, January 24 (RIA Novosti) – Russia and other major natural gas exporters could announce a cartel similar to OPEC in Moscow in June, a Russian business daily said on Thursday.

Kommersant said, however, citing analysts, that even if the gas cartel was formed it would be unlikely to immediately achieve a comparable level of global influence to that enjoyed by the Organization of Petroleum Exporting Countries in the oil business due to U.S. and EU opposition.

Members of the Gas Exporting Countries Forum, which control 73% of the world’s gas reserves and 42% of production, held a session in Egypt on Wednesday and plan to discuss a charter of the new international organization based on the principles guiding OPEC at its next session in June, the daily said.

The draft charter was proposed last year by Iran, which has the world’s second largest gas reserves and is in need of new export markets, the paper said.

RIA Novosti