TFIGlobal
TFIGlobal
TFIPOST English
TFIPOST हिन्दी
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIGlobal
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
No Result
View All Result
TFIGlobal
TFIGlobal
No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean

After OPEC+, Putin is laying groundwork for the OGEC

Rohit Yadav by Rohit Yadav
December 2, 2022
in Business, Russia
OPEC+
Share on FacebookShare on X

OPEC was formed to stabilize the world’s oil market in 1960. Today, another organization is on the way that will stabilize the world’s gas market. And, it’s none other than Russian President Vladimir Putin who is laying the groundwork for the gas union or you may say, Organization of the Gas Exporting Countries i.e., OGEC. In Baghdad, Iraq, five nations—the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—signed a document in September 1960 that established the Organization of the Petroleum Exporting Countries (OPEC). They were to become the Organization’s founding members.

OPEC was formed to challenge the dominance of seven US and British oil firms. In 1973, OPEC drove the American economy to its knees. It soon became the only organization which controlled the oil flow across the world.  And, the rest is history. The power of OPEC+ has been witnessed in the last few months. US President Joe Biden demonised Saudi Arabia for the murder of Jamal Khashoggi, a Washington Post journalist and US citizen who pledged to make Saudi Arabia a pariah state.

Also Read

OPEC increases oil supply, prices fall, as Donald Trump gears up for Saudi visit

Russia praises ‘heroic’ North Korean troops for liberating Kursk

Should Russian Bear Control Itself Now?

Biden has consistently sought to placate Iran in order to restore the JCPOA agreement. His government also relaxed travel restrictions imposed by IRGC members and delisted the Houthis, who are supported by Iran, off the terrorist list. Despite all this, just a few months ago, he travelled to Saudi Arabia and requested them to increase the oil production as it was benefiting Russia in its war against Ukraine. Saudi Arabia and OPEC+ bluntly rejected Biden’s offer and have rather reduced oil production by a large margin.

The move was the biggest setback for the Biden administration in foreign policy after a long. This is the power of an oil union of countries which challenged a global superpower like the US. The move has been inspired because of the cordial relations of Russia with the OPEC+ countries. Now, a similar organization’s formation is taking place. A gas union. And Russian President Vladimir Putin is laying groundwork for it.

According to Kremlin spokesperson Dmitry Peskov on Tuesday, Russia is in talks with Kazakhstan and Uzbekistan to establish a “gas union” that would enable the three nations to coordinate their supply and improve gas flows.

Also Read: Biden was cleverly creating an energy empire, Putin has begun dismantling it

The move, according to Kazakh President Kassym-Jomart Tokayev, was taken by his Russian counterpart, Vladimir Putin. Peskov reaffirmed this, stating that the plan calls for better cooperation between the three nations as well as changes in gas usage and domestic transportation infrastructure. The official said that the economies of both Kazakhstan and Uzbekistan are expanding quickly, with rising domestic gas consumption. Additionally, he added that all three countries sell their gas on international markets and may profit from “some synchronisation.”

“Synchronisation” of gas means the establishment of authority over gas prices across the world. And from this, all these countries would have the edge in geopolitics. But, the country which would be benefiting the most is Russia.

Aleksandr Novak, the deputy prime minister of Russia, also spoke about the initiative and praised its potential, particularly with reference to gas exports beyond the envisaged union. Kazakhstan and Uzbekistan still can sell gas to the European Union, but once the union will be formed, it will be a direct challenge to US’ authority over gas to Europe. To put things in perspective, the US has dramatically increased LNG exports to the bloc this year. But, once a gas union would be formed, it’d be controlled by Vladimir Putin. And this is a bad news for US and its allies.

Tags: OGECOil and GasOPECPresident Putin
ShareTweetSend
Rohit Yadav

Rohit Yadav

Associate Editor, TFI Media. Pursuing Masters in Global Studies from Ambedkar University, Rohit is a Geopolitics and Sports enthusiast

Also Read

Putin’s show of strength, as global leaders gather for Victory Day Parade

Putin’s show of strength, as global leaders gather for Victory Day Parade

May 8, 2025
Documents Required to Open a Demat Account in India (2025 Guide)

Documents Required to Open a Demat Account in India (2025 Guide)

April 30, 2025
India’s Hypersonic Leap:DRDO Scramjet Set 1000 Second Record

India’s hypersonic breakthrough, achieves record Scramjet combustion capability

April 29, 2025
How to Start a Business in Denmark?

How to Start a Business in Denmark?

April 27, 2025
Putin praises North Korean troops ‘heroism’ in War with Ukraine

Russia praises ‘heroic’ North Korean troops for liberating Kursk

April 26, 2025
Dubai Emerges as Global Launchpad for AI Startups

Dubai Emerges as Global Launchpad for AI Startups

April 25, 2025
Youtube Twitter Facebook
TFIGlobalTFIGlobal
Right Arm. Round the World. FAST.
  • About Us
  • Contact Us
  • TFIPOST – English
  • TFIPOST हिन्दी
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy

©2025 - TFI MEDIA PRIVATE LIMITED

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Indo-Pacific
  • Americas
  • Canada
  • Indian Subcontinent
  • West Asia
  • Europe
  • Africa
  • The Caribbean
TFIPOST English
TFIPOST हिन्दी

©2025 - TFI MEDIA PRIVATE LIMITED

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. View our Privacy and Cookie Policy.