Gas Cartel Takes Shape

Qatar,Russia and Iran are well on the way to forming a natural gas cartel.Meeting in Iran recently,the countries intend to consolidate the largest gas reserves in the world as well as their general strategic interests,and cooperate on three-party projects.Two more meetings,to be held in Qatar and Russia,will finalize the agreement.The three nations own 60% of the world's natural gas reserves.The European Union is concerned about the cartel,since higher gas prices could result.As oil reserves dwindle,the cartel's natural gas reserves will increase in importance.