This move, to control the world’s supply of gas, has received the Libyan leader Muammar Gaddafi’s favor. He told the Russian president Vladimir Putin at a Libya-Russia bilateral meeting, of his support for the idea.
Mr Gaddafi noted that gas exporting countries have realized the significance of creating an OPEC-like cartel and also said that negotiations are expected to begin between potential members towards realizing that goal.
Unlike crude oil, gas is sold under long-term contracts, resulting in a lack of overall consensus. The US and the European Union are against the idea of gas cartelization and consider it a dangerous move that could undermine global energy security and also introduce an element of price manipulation.
