Iran's oil minister hints consensus on 'gas Opec'

Tehran: Iran's oil minister said on Tuesday there was a consensus to set up a "gas Opec", after talks with his Qatari counterpart and the head of Russia's Gazprom.

"We have made major decisions," Iran's Oil Minister Gholamhossein Nozari told a news conference. He said the three sides would form a committee of senior officials.

"There is a demand to form this gas Opec and there is a consensus to set up gas Opec," he said.

Europe and the United States have warned against such a grouping, saying it could pose a danger to global energy security and create room for price manipulation.

Exporting countries

Gazprom Chief Executive Alexei Miller told the same news conference: "We have decided to be in close contact and we can say that today a major gas troika was formed."

Russia, Iran and Qatar are ranked the first, second and third biggest holders of natural gas reserves in the world. "Surely this gathering of gas exporting countries is to give assurances over gas supply to the world," Miller said.

Some analysts say any gas Opec could be expected to share insights on upstream contract terms with investments rather than act on restricting gas supply as the oil cartel Opec does.

Major gas exporters have met informally for several years at the annual Gas Exporting Countries Forum. Iran wants to turn the forum into a more formal organisation akin to Opec.