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News // Oil and gas worldwide

Putin Sets Western Gas Consumers At Ease

12 November 2008 , 09:11Ksenia Kochneva1000
A number of major gas producers have established the Gas Exporting Countries Forum (GECF), but have not yet adopted a charter. The group, which already includes Venezuela, Iran, Libya, the United Arab Emirates, Russia, and other countries, lacks a strict membership system. Norway has observer status.

The member countries currently control about 73% of the world's gas reserves and 42% of its production.

All this is certainly a worrying news for the Western gas consumers. But Russian PM Vladimir Putin thinks that there are no grounds for anxiety.

RIA Novosti cited him saying: "We are aware of the concerns and fears expressed by some energy consumers. There are absolutely no grounds for such fears. We are not establishing a cartel, nor are we striking any cartel deals. However, energy producers, as well as consumers, have the right to and must coordinate their decisions, exchange information, and do their best to ensure uninterrupted hydrocarbon supplies on global markets".

Russia, Iran, and Qatar - ranked first, second and third respectively in terms of global gas reserves - will hold gas cooperation talks in Doha, Qatar, on Wednesday. The "gas troika" agreed to boost coordination in the sphere at a meeting in Tehran in October.

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