Russia, Iran and Qatar, the three largest gas exporting countries, have stated that they will examine the option of setting up a cartel of gas exporting countries similar to OPEC, although analysts predict that this will not have a significant impact on the global gas sector. According to estimations these three countries hold about 55% of global natural gas reserves: 25% in Russia, 16% in Iran and the rest in Qatar. Experts say there is little substance in modeling a gas cartel on OPEC because natural gas contracts are often signed over the long term and differ significantly in exporting methods and prices from country to country. On 24th December 2008 the 15 largest natural gas exporting countries signed a charter to coordinate their forecasts, investments and links with consumers in order to safeguard their interests in light of the continuing fluctuations in the price of energy. The group’s office will be initially set up in Doha, Qatar.