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US Against Gas OPEC
Creating a gas cartel equivalent to the Organization of Petroleum Exporting Countries (OPEC), which would sets quotas and prices for natural gas, will lead to problems for both producers and consumers, U.S. Secretary of Energy Samuel Bodman said Tuesday.
Bodman explained that both the consuming countries and the suppliers of natural gas encounter difficulties when there is no competition, Reuters reported. "When you see all the suppliers gathering together in one place at the same time, or many of the suppliers, one has to worry about it," Bodman said.
On April 9, 2007, energy ministers from the member states of the Gas Exporting Countries Forum (GECF) gathered in Doha, discussed the idea of creating a gas cartel, and scheduled the next meeting to be held in Moscow in 2008.
The idea of a ‘gas OPEC’ was first expressed by Iran. Many countries considered this suggestion as attractive. For instance, Venezuela’s Energy Minister Rafael Ramirez called it “an interesting idea”. In his turn, Iran’s oil industry minister said that a ‘gas OPEC’ would considerably strengthen the GECF’s positions. He added that most GECF members believe it is necessary to move towards creating a cartel like that, but only the time will show when it is possible.
Meanwhile, the consuming countries are worried by those initiatives. They apprehend the appearance of a gas cartel will lead to gas prices growth, while natural gas is one of the most popular kinds of energy raw material.
For reference: the Gas Exporting Countries Forum (GECF) was created in 2001. Its members are Russia, Algeria, Venezuela, Egypt, Indonesia, Iran, the United Arab Emirates, and others. GECF members produce nearly 40 percent of the world’s extractive natural gas, and own about 70 percent of the world’s gas deposits.
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