Russia and Iran are building the foundation for a potential natural gas cartel. The Russia-Iran alliance aims to control as much of the two key elements in the global supply matrix as possible. “Gas is widely seen as the optimal product in the transition from fossil fuels to renewable energy, so controlling as much of the global flow of that will be the key to energy-based power over the next ten to twenty years”, according to a senior source who works closely with Iran’s Petroleum Ministry. The US$40 billion memorandum of understanding (MoU) signed last month between Gazprom and the National Iranian Oil Company (NIOC) is a stepping stone to enabling Russia and Iran to implement their long-held plan to be the core participants in a global cartel for gas suppliers in the same mold as the Organization of the Petroleum Exporting Countries (OPEC) for oil suppliers. With a […]