As reported in The International Herald Tribune, President Hugo Chávez of Venezuela and President Dmitri Medvedev of Russia recently declared that their countries would more closely coordinate their actions on global oil and gas markets.  As the article notes:

“…Medvedev said it was still possible that Russia could join with Venezuela and other gas-producing nations to form a cartel similar to OPEC, a concept that has been under discussion for several years.He said that such cooperation would help guarantee energy security and was “not directed against any states.”

…Russia’s gas and oil giants, TNK-BP, Lukoil and Gazprom, each signed agreements in Chávez’s presence to explore reserves in Venezuela’s Orinoco Valley.Lukoil and TNK-BP signed agreements to conduct joint explorations with the Venezuelan state oil company, Petróleos de Venezuela. Gazprom agreed to conduct a geological study of gas reserves in the area, and reportedly was discussing the possibility of helping to build a pipeline to Brazil….”