An OPEC of a Different Color

Looming on the European horizon may be a new type of “natural gas OPEC” led by Russia. The secret to its success, however, will be its ability to operate under the global radar.

Considering that over half of the world’s 172 trillion cubic meters of natural gas reserves are located in Russia, Iran and Central Asia, the concept of a new “gas OPEC” may be more than just rumors.

The list of potential members includes Russia, Iran, Algeria and Libya. The standout of the group is unmistakably Russia, hosting 27 percent of the world’s total natural gas reserves. Coming in second with over 15 percent is Iran.

But what effect can this new OPEC-like group have?

Energy and Capital