Iran, Algeria Seeking to Establish Gas OPEC

A0482851.jpgTEHRAN (FNA)- Iran and Algeria, holders of the second and sixth-largest natural gas reserves, support the formation of a gas exporters group similar to OPEC, the two countries’ oil ministers said.

Chakib Khelil, Algeria’s minister of energy and mines, said gas contract data should be shared among members of the Gas Exporting Countries Forum and producers should have more control over contract terms, oil ministry’s website said.

Khelil was in Tehran yesterday and met with his Iranian counterpart Gholam Hossein Nozari.

The Gas Exporting Countries Forum is a loose grouping of gas exporting nations that plan to meet later this year in Moscow to become better organized. The Organization of Petroleum Exporting Countries, which has existed since 1960 and is headquartered in Vienna, sets crude-oil production allocations for 12 of its 13 members and controls 40 percent of the world’s crude oil supply.

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