Venezuela sees talks progressing on a natural gas 'OPEC'

Caracas (Platts)--19Mar2004

Venezuelan Oil Minister Rafael Ramirez said Friday that talks are progressing on setting up an organization of natural gas exporting countries along the lines of OPEC. Ramirez said a meeting early this week of natural gas exporting countries in Cairo was "very productive" and involved talks on possible joint actions regarding emerging gas markets. "With every meeting the group is getting more institutionalized so that it (can) convert into an organization where we can set out common policies in gas exports," Ramirez told reporters after an event at the Bolivarian University in Caracas. He said the gas producers set up an executive committee to analyze joint action proposals, but he did not give any further details. Ramirez also discussed oil with several other OPEC ministers at the meeting, where they agreed that the group's decision to cut output beginning April 1 remained "firm." Ramirez added that Venezuela "could support a new cut" if one is proposed at OPEC's next ministerial meeting in Vienna on March 31.