During an eleven-day tour of Eurasia, Venezuelan President Hugo Chavez promoted the transformation of the Gas Exporting Countries Forum (GECF) into a cartel similar to the Organisation of Petroleum Exporting Countries (OPEC). Chavez said the aim of his tour was to counter U.S. economic and political dominance and promote a multi-polar world.
The GECF, which groups Algeria, Bolivia, Brunei, Egypt, Equatorial Guinea, Iran, Libya, Malaysia, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela, was created as a formal organisation to coordinate gas policy between member countries during a meeting hosted by Russia last December.
Chavez, who arrived in Moscow on Wednesday for a two day visit, is expected to call for the GFEC to operate more along the lines of OPEC, where member countries meet regularly to set production quotas in order to influence the price of crude oil on global markets.
This is an extract from
http://www.venezuelanalysis.com/news/4784