Just when we thought that the only energy cartel that we had to contend with is OPEC, soon to announce a formation of a cartel next week are the major exporters of Natural Gas (according to Forbes magazine). The most probable members are Russia, Venezuela, Iran, Qatar, Indonesia and Algeria. I wonder why there was no mention of Brunei?, considering that they are also a major exporter.
However, experts aren’t the least bit worried that the Natural Gas cartel will work to fix prices. Considering that unlike Oil, there are a lot of substitutes for it since the main use of natural gas is as a heating fuel and as a source of electricity.
They should have done this after the use of LNG powered transports become popular. Otherwise, unless you are a producer of natural gas, no country would want to encourage their public to adopt LNG powered transports for personal use.
Article here
Category: Natural Gas
