Western leaders have long had to contend with OPEC, which leveraged control of a large share of world oil trade into geopolitical punch. Now, the West may begin facing a new energy nemesis: a potential natural-gas cartel.
The Gas Exporting Countries Forum, an assembly of 14 of the world's largest gas producers, will meet Monday and Tuesday in the Qatar capital of Doha. Major members such as Iran are openly talking of someday creating a version of the Organization of Petroleum Exporting Countries for gas, an increasingly important energy source and raw material for consumers and companies around the globe.
A group with OPEC's market-swaying might is highly unlikely to emerge anytime soon. But the forum's effort to lay the foundation for greater collaboration as the gas trade expands and grows more critical to global energy needs is ringing alarm bells in Western capitals. The group's long-term goals -- more influence over gas markets and greater political clout over clients in the U.S., Europe and Asia -- face tall hurdles but may be achievable nonetheless.
This is just the kind of news the Fed wants to hear right now.
