Venezuela could join possible gas cartel

Venezuela is currently one of the members of the OPEC oil cartel and could be part of a planned natural gas alliance.

The new group could expand on the already existing Gas Exporting Countries Forum (GECF) and include countries that are also part of OPEC. During the GECF meeting hosted in Moscow, Russian Prime Minister Vladimir Putin suggested that the groups be headquartered in St. Petersburg and would receive diplomatic status.

Several dignitaries denied that a gas cartel would be created and instead emphasized the need to formalize the GECF. Other representatives differed:

"A very important thing is to have the cooperation, to agree some policies in matter of the price, in matter of development," Venezuelan oil minister Rafael Ramirez told reporters. "And in the beginning these will be the objectives of this organization."

Image- BBC News
Online Sources- Voice of America, CNN, Reuters, Al Jazeera English