GAS PRODUCERS JOINING HANDS

Iran, Qatar and Russia, who together hold nearly 55 per cent of the world’s gas reserves, are continuing talks on the formation of cartel on the lines of the OPEC.

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Iran, Qatar and Russia, who together hold nearly 55 per cent of the world’s gas reserves, are continuing talks on the formation of cartel on the lines of the OPEC. Representatives of the three countries are meeting in Doha “to discuss the creation of a Supreme Technical Committee,” reported Iran’s Mehr News Agency. The meeting follows talks last month in Tehran where the countries affirmed their decision to form an OPEC-style gas grouping. Iran’s Oil Minister Gholam-Hossein Nozari, Qatar’s Abdulla Bin Hamad al-Attiya and Russia’s Gazprom chief Alexei Miller had participated in that meeting. Russia has said that theses three countries should form a permanent body. Other major gas producers – Algeria, Indonesia, Libya and Venezuela – are also expected to join the group. It is understood that Russia and Iran have renewed their interest in a gas-OPEC following the steep decline in oil prices. The formation of a cartel has acquired urgency to enable coordinated action to prevent gas prices also from nose-diving.