Wednesday February 07, 2007

Putin : Russia may consider forming a 'Gas OPEC'

peakoil.com -> bloomberg.com :

Russia, which has the world's largest natural-gas reserves, will consider coordinating policy with other major producers of the fuel, such as Iran, President Vladimir Putin said. "A gas OPEC - that's an interesting idea. We will think about it," Putin said during an annual news conference in the Kremlin with domestic and foreign reporters.

European leaders have raised concern Russia is using its natural resource wealth as a political tool, undermining the reliability of its energy supplies, a charge Putin denied. Natural gas prices in New York gained 2.3 percent to $7.845 per million British thermal units.

Government and Gazprom officials have denied Russia is considering forming a counterpart in natural gas to the Organization of Petroleum Exporting Countries, whose members pump about 40 % of the world's oil. Russia, Iran and Algeria would control about half the world's natural gas.

See also :

1. Russia - the rising energy superpower
2. Russia sets the pace in energy race
3. The Kremlin and the world energy war

(2007-02-07 12:55:58 SGT) [Energy] Permalink

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