Russia And Iran To Create Oil Cartel - Persian Journal economy business Latest Archaeology oil gas news & Iranian business newspaper gas

Russia And Iran To Create Oil Cartel - Persian Journal economy business Latest Archaeology oil gas news & Iranian business newspaper gas

Russia And Iran To Create Oil Cartel
Feb 21, 2008

Iranian.ws

A joint energy venture between Russia and Iran, the world's top two oil producing countries, will establish an oil cartel controlling more than 40 percent of the world's oil supply. The cartel could rival the Organization of Petroleum Exporting Countries, according to analysts.

Russia's oil monopoly Gazprom and National Iranian Gas Co. agreed on Wednesday to developing "two or three" blocks of the South Pars field in the Persian Gulf, and the creation of a joint venture company with a third country in the next two months.

Alexei Miller, Gazprom CEO, and Iranian Oil Minister Gholam Hossein Nozari discussed Tuesday plans on how Gazprom could help develop Iran's oil and gas industries especially exploration, production and processing facilities, as well as shipping to overseas markets.

The South Pars, the world's largest gas condensate deposit, which Iran shares with Qatar, expects to produce 751 million cubic meters of natural gas a day when completed by 2014. The annual output of its eight units is 73 billion cubic meters, but can be increased to 200 billion cubic meters.

Iran's natural gas reserves are about 28 trillion cubic meters.