Russia will oversee the creation of a more formal group of gas exporting states on Tuesday, further unsettling energy consumers, says Reuters.
The gas-cartel is believed to greatly influence gas prices which is not to the advantage of those who depend on Russian or other contries' gas supplies.
Meanwhile, today Russia hosts a meeting of energy ministers from at least 11 countries, including Iran, Qatar and Venezuela, who are members of an informal club called the Gas Exporting Countries Forum. Russia says the so-called "gas OPEC" is not meant to emulate the cartel's policies in setting oil output quotas.
Russian officials said the members would agree on a charter that would make the GECF a more formal organization with a headquarters in St. Petersburg, although the body will keep the same name.
Prime Minister Vladimir Putin will attend the forum, while President Dmitry Medvedev will host a dinner at the Kremlin on Tuesday evening.
Author:
Ksenia Kochneva
