No action yet: Venezuela's Energy Minister Rafael Ramirez
'No co-ordinated gas supply cuts yet'
The Gas Exporting Countries Forum (GECF) is not yet planning to co-ordinate supply cuts to support gas prices but sees Europe as the best market for co-ordinated action, Venezuelan Energy Minister Rafael Ramirez said today.
The club of countries holding more than three-quarters of the world's gas reserves met on Tuesday in Qatar with global gas consumption and prices sagging in the economic downturn.
Previous GECF gatherings have stoked fears the group may develop the same influence over gas markets as Opec has over oil.
"No, not yet," Ramirez said when asked by Reuters if the GECF planned to co-ordinate a reduction in supply to increase revenues.
"We can start doing things... The European market stands out as the most mature. It receives supply from different countries that are part of our forum. We can start putting together some answers there."
Russian Energy Minister Sergei Shmatko said earlier today said the GECF would try to maximise its members' income.
Venezuela sits on the world's ninth largest gas reserves but produces little and exports almost nothing because most of it is used in the country's oil sector, according to the US Energy Information Administration.
But, like GECF member Iran, it has grand plans to build LNG production facilities.