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| Version 2 | Version 3 |
|---|---|
| Gas producers dismiss cartel talk | Gas producers dismiss cartel talk |
| (about 7 hours later) | |
| Major gas exporting countries have said they will form a high-level committee to discuss pricing. | |
| However, meeting in the Qatari capital Doha, the informal grouping, called the Gas Exporting Countries Forum, said it had no plans to set up a cartel. | However, meeting in the Qatari capital Doha, the informal grouping, called the Gas Exporting Countries Forum, said it had no plans to set up a cartel. |
| Russia, will head the committee with other members also including Iran and Kazakhstan, Algeria and Qatar. | Russia, will head the committee with other members also including Iran and Kazakhstan, Algeria and Qatar. |
| Gas accounts for about 20% of the fuel used globally for heating, cooking and generating electricity. | Gas accounts for about 20% of the fuel used globally for heating, cooking and generating electricity. |
| In a statement, the forum said the committee would "elaborate a comprehensive plan for enhancing the forum's performance structure and define a way forward for its future development". | In a statement, the forum said the committee would "elaborate a comprehensive plan for enhancing the forum's performance structure and define a way forward for its future development". |
| Played down | Played down |
| Having [a cartel] for the gas exporting countries is beneficial to all sides Kazem Vaziri HamanehIranian Oil Minister Gas cartel analysis | |
| The forum is a relatively informal grouping with a variable membership but it accounts for something like 70% of known reserves. | The forum is a relatively informal grouping with a variable membership but it accounts for something like 70% of known reserves. |
| Some of its leaders had expressed interest in forming a cartel similar to Opec to control production and price. | Some of its leaders had expressed interest in forming a cartel similar to Opec to control production and price. |
| But the Russian energy minister Viktor Khristenko said he felt that the forum should remain unchanged. | But the Russian energy minister Viktor Khristenko said he felt that the forum should remain unchanged. |
| "It should continue existing as such and should keep up its transparent and coordinated position towards consuming countries," the minister said. | "It should continue existing as such and should keep up its transparent and coordinated position towards consuming countries," the minister said. |
| He added that the forum would launch a joint study to examine prices, with Russia, the world's largest gas supplier, organising the process. | He added that the forum would launch a joint study to examine prices, with Russia, the world's largest gas supplier, organising the process. |
| Mr Khristenko had earlier played down talk that the group was looking to set up a cartel similar to Opec. | Mr Khristenko had earlier played down talk that the group was looking to set up a cartel similar to Opec. |
| Scepticism | Scepticism |
| Venezuela and Iran have led calls for such a scheme, saying this would be in the best interests of producers. | Venezuela and Iran have led calls for such a scheme, saying this would be in the best interests of producers. |
| "Having such an organisation for the gas exporting countries is beneficial to all sides," Iranian Oil Minister Kazem Vaziri Hamaneh said, but added the process would be a lengthy one. | "Having such an organisation for the gas exporting countries is beneficial to all sides," Iranian Oil Minister Kazem Vaziri Hamaneh said, but added the process would be a lengthy one. |
| Mr Hamaneh dismissed opposition from the US and other Western nations. | Mr Hamaneh dismissed opposition from the US and other Western nations. |
| Many analysts are sceptical about whether a gas cartel could work. | Many analysts are sceptical about whether a gas cartel could work. |
| Most gas trade is through regional pipelines so there is not the same kind of global market that a cartel could seek to control as there is for oil. | Most gas trade is through regional pipelines so there is not the same kind of global market that a cartel could seek to control as there is for oil. |
| Gas contracts also tend to be long-term, covering periods as long as 30 years, which makes it difficult to cut production to raise prices. | Gas contracts also tend to be long-term, covering periods as long as 30 years, which makes it difficult to cut production to raise prices. |