Doha, Qatar
On a whirlwind trip to the Middle East this week, Russian President Vladimir Putin voiced support for the formation of a natural gas cartel. The idea was first raised by Iran. Russia, Iran, and Qatar are the top gas exporters, together controlling nearly two-thirds of the world’s natural gas reserves. Unlike oil, which is traded in a global marketplace, natural gas is sold in fragmented markets through futures contracts, and producing countries do not work together to try to influence the markets. Putin said he would send Russian experts to a conference of gas exporters in Doha next month to discuss coordinating production. “We have to avoid the problems of other energy organizations,” he said, an apparent reference to infighting at OPEC that has limited its economic power.
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