Business gas | Media reports that Russia and Iran are forming a worldwide gas cartel.

According to Oilprice, the OPEC-style organization will enable control over fuel prices in the upcoming years.



According to a report from OilPrice on Tuesday, Moscow and Tehran are making serious efforts to create an OPEC-style natural gas cartel that would enable them to coordinate a "extraordinary" percentage of reserves and control pricing.


The two countries are in an excellent position to do this, according to the research, as they hold the top two spots in the list of the world's greatest gas reserves, with Russia holding just under 48 trillion cubic meters (TCM) and Iran holding close to 34 TCM, respectively.


The $40 billion Memorandum of Understanding (MoU) between the National Iranian Oil Company (NIOC) and Russia's Gazprom was defined as "a stepping stone to enable Russia and Iran to realize their long-held aim to be the core partners in a global cartel for oil" in the report.


Following the signing of the Memorandum of Understanding, Hamid Hosseini, the head of Iran's Oil, Gas, and Petrochemical Products Exporters' Union, reportedly stated: "Now the Russians have concluded that the consumption of gas in the world will increase and the tendency towards consumption of LNG has increased and they alone are not able to meet the world's demand, so there is no room left for gas competition [between Russia and Iran]."


Qatar, a significant worldwide LNG provider with the third-largest gas reserves of just under 24 TCM, maybe a strong candidate to join the Russia-Iran gas cartel, claims OilPrice.


The survey noted that just under 60% of the world's gas reserves are shared by Russia, Iran, and Qatar. The Gas Exporting Countries Forum (GECF), whose 11 members control over 71% of the world's gas reserves, 44% of its marketed production, 53% of its gas pipelines, and 57% of its LNG exports, was founded on large part because to the contributions of the three nations.


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