World's Energy

10-21-2008 - BBC News - Russia, Iran and Qatar have taken the first tentative steps towards the creation of an organisation of gas exporting countries. The three countries have agreed to form "a higher technical committee" that could lead to a gas equivalent of Opec. "We can say that today witnessed the birth of a major gas troika," said Alexei Miller, chief executive of Russian oil giant Gazprom. He said other countries would be encouraged to join the consortium.
Technical committee: At a meeting in Tehran, Iran's oil minister Gholamhossein Nozari, Qatar's energy minister Abdullah al-Attiyah and Mr Miller agreed to establish a high-level natural gas committee. The committee will meet for the first time in Doha in the next few days. Mr Nozari said: "Our three countries have reached a consensus on forming a common gas organisation... on accelerating its implementation and on preparing its statutes." A formal announcement on the establishment of the organisation has not been made. Mr al-Attiya said: "The next meeting in Russia will witness the birth of this organisation."
Western fears: Russia, Iran and Qatar hold the largest reserves of natural gas in the world. Fears over energy security and the price of natural gas mean a formal organisation of gas exporting countries would be deeply unpopular in Europe and the US. Such an organisation could hold a monopoly on world supply and could set prices to suit its own needs.