WITH IRAN, Putin Considers Forming OPEC-like Gas Cartel (Bloomberg)

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By Torrey Clark

Feb. 1 (Bloomberg) -- Russia, which has the world's largest natural-gas reserves, will consider coordinating policy with other major producers of the fuel, such as Iran, President Vladimir Putin said today.

``A gas OPEC -- that's an interesting idea. We will think about it,'' Putin said during an annual news conference in the Kremlin with domestic and foreign reporters. He said Russia, Iran and other major producers of the fuel should ``coordinate our activities,'' though they shouldn't act as a price cartel.

European leaders have raised concern Russia is using its natural resource wealth as a political tool, undermining the reliability of its energy supplies, a charge Putin denied today. Natural gas prices in New York gained 2.3 percent to $7.845 per million British thermal units.

Putin's comments may be intended to strengthen Russia's bargaining position to improve trade terms with Europe and buy European assets, analysts said. State-run OAO Gazprom, Russia's sole gas exporter, supplies more than a quarter of Europe's gas.

http://www.bloomberg.com/apps/news?pid=20601072&sid=afRO1TEbZqhI&refer=energy

[Kaotac]

1. If that were to happen

When Bush attacks Iran, wouldn't that bring Russia in against the US, and maybe alot of the EU as well?

[Kagemusha]

2. The condemnation will be there, sure

But no one's gonna go to war for Iran. Iran can't expect anyone to.

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3. ..

[oblivious]

4. It would be so powerful, I wonder why they didn't think of it much earlier. Reserves:

Probably they did:

Words Gas reserves (CIA)
1 Russia....47,000,000,000,000
2 Iran......26,700,000,000,000
3 Qatar.....14,410,000,000,000
4 Saudi......6,339,000,000,000
5 UAE........6,060,000,000,000
6 US.........5,195,000,000,000
7 Algeria....4,739,000,000,000
8 Venezuela..4,190,000,000,000
9 Nigeria....4,007,000,000,000
10 Iraq......3,149,000,000,000
11 Indonesia.2,549,000,000,000
12 Burma.....2,460,000,000,000
13 Australia.2,407,000,000,000
14 China.....2,230,000,000,000
15 Malaysia..2,230,000,000,000
16 Kazakhstan1,800,000,000,000
17 Norway....1,716,000,000,000
18 Holland...1,693,000,000,000
19 Canada....1,691,000,000,000
20 Kuwait....1,548,000,000,000
http://www.indexmundi.com/map.aspx?lesson=y&v=Natural+gas+-+proved+reserves(cu+m)

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5. Thanks for the data--really interesting

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6. .