WASHINGTON, April 9 (UPI) -- Major gas producers' decision to set up a panel to examine gas prices should put fears of a cartel to an end -- at least temporarily.
At their meeting in Doha, Qatar, on Monday, major producers, including Russia, Iran and Venezuela, said they would set up a group called the Gas Exporting Countries Forum, which is to be headed by Russia.
Western nations feared that the gas producers would set up a cartel similar to the Organization of Petroleum Exporting Countries, but the Monday decision has been hinted at for some time.
When reports of the cartel first emerged, Russian President Vladimir Putin said that even if a gas cartel was not formed, producers should coordinate their policies.
"If consumers of hydrocarbons coordinate their actions, like in the International Energy Agency and at other venues, what prevents producers from coordinating their actions, too?" he asked at the time. "This coordination will not be aimed at undermining energy security; it will be aimed, and I hope it will, and Russia will act in this direction, at strengthening the international energy market."
The West feared that an OPEC-like cartel would lead to high gas prices.
At the forum in Qatar, Russian Energy Minister Viktor Khristenko said the forum should remain unchanged.
"It should continue existing as such and should keep up its transparent and coordinated position toward consuming countries," he said.
