Natural Gas GECF: May be put into effect in June 2008!

Natural Gas Production by Country

Group of Countries called, Gas Exporting Countries Forum (GECF), which includes Russia, plan to set up an international organization on its basis, around the same principles as OPEC.

The forum doesn’t have fixed membership structure, however Algeria, Bolivia, Brunei, Egypt, Equatorial Guinea, Indonesia, Iran, Libya, Malaysia, Nigeria, Oman, Qatar, Russia, Trinidad & Tobago, the UAE and Venezuela could be identified as current members. Turkmenistan, Bolivia, Indonesia, Libya and Oman have participated at different ministerial meetings. Norway has status of observer.

The charter of the new structure could be submitted at the forum’s seventh meeting in Moscow in June of 2008. Most of the charter that concerning membership, secretariat and financial provisions are almost a carbon-copy of OPEC’s charter.

GECF then could have more clout to control the gas market in the same way as OPEC does the oil market.

But experts do not believe that a gas OPEC will quickly become as influential as its oil counterpart, with opposition from the United States and the European Union.

The USA has vowed to fight against the GECF, because no one has invited them! 🙂

Kyle & Svet

comments always welcome.

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