[wvns] Gas OPEC Launched
Venezuela, Algeria, Qatar, Iran and Russia are launching "gas OPEC"
http://english.eluniversal.com/2007/03/19/en_eco_art_venezuela,-algeria,_19A846309.shtml
Five of the world's largest oil producing countries
-Venezuela, Algeria, Qatar, Iran and Russia- are
launching an "OPEC of gas" during an energy conference
to be held next April 9 in Doha, Monday said Russian
Kommersant newspaper quoting Arab diplomatic sources.
The meeting of the Forum of Gas Producing Countries,
scheduled since a long time now, will be a good time
to announce the creation of a real cartel of gas, the
newspaper added without disclosing the sources, AFP
reported.
The sources assured that the parties are about to
reach an agreement.
The countries founding the new energy organization
would be Algeria, Qatar, Iran, Russia and Venezuela,
Kommersant explained, and highlighted a number of
statements some authorities in these countries have
made favoring the creation of this group.
Energy experts rather believe that creating an
organization of gas exporting countries -or OPEC of
gas- is virtually impossible given the particularities
of this market, which is tighter than the oil market.
Natural gas is traded in financial markets, but only
in a small proportion. Gas is mostly traded under very
long-term bilateral client/supplier agreements that
generally match oil prices.
Further, the gas market is quite regionalized, as this
product is hard to transport, unlike oil.
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