2024-08-24 03:00:00 +0300

Iran And Russia Move To Create A Global Natural Gas Cartel

Logo OilPrice.com
OilPrice.com
By Simon Watkins

The US$40 billion memorandum of understanding (MoU) signed last month between Gazprom and the National Iranian Oil Company (NIOC) is a stepping stone to enabling Russia and Iran to implement their long-held plan to be the core participants in a global cartel for gas suppliers in the same mold as the Organization of the Petroleum Exporting Countries (OPEC) for oil suppliers. With a foundation in the current Gulf Exporting Countries Forum (GECF), this ‘Gas OPEC’ would allow for the coordination of an extraordinary proportion of the world’s gas reserves and control over gas prices in the coming years. Occupying the number one and number two positions in the world’s largest gas reserves table, respectively – Russia with just under 48 trillion cubic meters (tcm) and Iran with nearly 34 tcm – the two countries are in an ideal position to do this.

AD
AD

The Russia-Iran alliance, as evidenced in the most recent multi-faceted MoU between Gazprom and the NIOC, wants to control as much of the two key elements in the global supply matrix – gas supplied over land via pipelines and gas supplied via ships in liquefied natural gas (LNG) - as possible. According to a statement last week from Hamid Hosseini, chairman of Iran’s Oil, Gas, and Petrochemical Products Exporters’ Union, in Tehran, after the Gazprom-NIOC MoU had been signed: “Now the Russians have come to the conclusion 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].” He added: “The winner of the Russia-Ukraine war is the United States, and it will capture the European market, so if Iran and Russia can reduce the influence of the United States in the oil, gas and product markets by working together, it will benefit both countries.”

Continue read on oilprice.com

AD
Logo OilPrice.com
MarketsBy Tsvetana Paraskova2024-08-05 02:00:00 +0300
The world’s top oil exporting region, the Middle East, is looking to boost natural gas production and exports as global and local gas demand is set to grow...

Logo OilPrice.com
MarketsBy Tsvetana Paraskova2024-08-17 16:15:00 +0300
Russia’s natural gas production plunged by 18 percent in June compared to May, new data from the Joint Organisations Data Initiative (JODI) showed on...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-16 13:09:03 +0300
Adds details FRANKFURT, Aug 16 (Reuters) - Germany on Tuesday signed a memorandum of understanding (MoU) with the country's top gas importers Uniper UN01.DE,...

Logo Channel NewsAsia
Business / FinanceBy Cna2024-08-14 22:39:48 +0300
TEHRAN: Iran's leading automaker is seeking to prioritise exports to Russia, its CEO said on Sunday (Aug 14), as both countries reel under Western economic...

Logo OilPrice.com
MarketsBy Felicity Bradstock2024-07-28 01:00:00 +0300
Iran’s oil industry seems to be going from strength to strength despite ongoing U.S. sanctions on Iranian energy, as governments worldwide look to secure...

Logo Investing.com
MarketsBy Investing Com2024-08-23 21:21:17 +0300
© Reuters. By Barani Krishnan Investing.com -- The oil market is witnessing a tug of war between two narratives -- the Saudis (bull) and the Iranians (bear)....

Logo Nasdaq
Business / FinanceBy Prableen Bajpai2024-08-03 20:52:14 +0300
OPEC+ refers to the 13 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC members.These nations came to an accord...

Logo Reuters
MarketsBy Reuters2024-08-16 12:48:00 +0300
Germany on Tuesday signed a memorandum of understanding (MoU) with the country's top gas importers Uniper (UN01.DE), RWE (RWEG.DE) and EnBW's (EBKG.DE) VNG...

Logo OilPrice.com
MarketsBy Tsvetana Paraskova2024-08-16 19:30:00 +0300
Russia’s gas giant Gazprom said on Tuesday that its natural gas exports slumped by 36.2 percent to 78.5 billion cubic meters between January and the middle...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-18 06:05:43 +0300
By Alex Lawler, Chen Aizhu and Bozorgmehr Sharafedin LONDON/SINGAPORE, Aug 17 (Reuters) - Iran increased its oil exports in June and July and could raise...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-23 18:21:17 +0300
By Olesya Astakhova, Alex Lawler and Maha El Dahan DUBAI, Aug 23 (Reuters) - Potential OPEC+ production cuts mooted this week by Saudi Arabia may not be...

Logo Nasdaq
Business / FinanceBy The Motley Fool2024-08-23 20:49:20 +0300
What happened Shares of natural gas plays Tellurian (NYSEMKT: TELL), Centennial Resource Development (NASDAQ: CDEV), and Obsidian Energy (NYSEMKT: OBE) were...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-17 14:36:03 +0300
This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine MOSCOW, Aug 17 (Reuters) - Russia forecasts...

Logo Investing.com
MarketsBy Investing Com2024-08-22 03:00:00 +0300
© Reuters. By Ambar Warrick Investing.com--Oil prices fell sharply on Monday on reports suggesting that Iran and Western countries were close to striking a...

Logo CTV News
PoliticsBy Rachel Aiello2024-08-22 23:16:43 +0300
Pitching Canada as a reliable supplier of clean energy and a solution for European countries' reliance on Russian oil and gas, Prime Minister Justin Trudeau...

Logo Investing.com
MarketsBy Investing Com2024-08-23 03:05:58 +0300
© Reuters. By Ambar Warrick Investing.com--Oil prices rose on Tuesday as Saudi Arabia threatened production cuts to offset a potential Iran-led supply glut,...

MarketsBy Daniel Mc Carthy2024-08-23 05:00:00 +0300
Crude Oil, US Dollar, OPEC+, WTI, Brent, Saudi Arabia, China, Fed – Talking Points Crude oil prices have recovered after vested interest commentary Any...

Logo OilPrice.com
MarketsBy Charles Kennedy2024-08-17 19:00:00 +0300
Natural gas demand in major consuming countries stood in June at 104 percent of year-ago levels, but production was flat compared to 2021 levels, new data...

Logo Nasdaq
Business / FinanceBy Reuters2024-08-16 12:20:37 +0300
MOSCOW, Aug 16 (Reuters) - Russia's Gazprom on Tuesday said that natural gas exports to non-CIS countries were 78.5 billion cubic metres (bcm) between Jan. 1...

Logo Nasdaq
Business / FinanceBy Reuters2024-07-27 10:56:15 +0300
Adds details MILAN, July 27 (Reuters) - Italy's Eni ENI.MI said it would receive about 27 million cubic metres of gas from Russia's Gazprom GAZP.MM on...