Econo Times - The use of natural gas as a source of energy has been growing rapidly in the past few years and it won�t until 2035 that we reach the natural gas peak in the global energy consumption. While the majority of the energy market remain focused on oil and its current supply glut in the market, it is important to take note that oil had reached its peak in the global energy consumption back in the 80�s and its contribution has been coming down.

While the current weak price of oil continues to hurt Russia and Iran, their alliance is likely to be of major influence for the natural gas market in the future. Four countries, Iran, Qatar, Russia, and Turkmenistan hold more than 66 percent of the global proven reserves of natural gas. Russia and Iran hold 82.3 trillion cubic meters of natural gas, while the United States holds about 9.9 trillion cubic meters. The Alliance between the Iran and Russia has reached a�new level when these two signed several understandings which would be pivotal for the gas industry in the future. Russia has announced that it would help Iran to develop oil and gas fields. The Russian President Vladimir Putin has announced that Russia would become world�s biggest LNG producer.

Natural gas is currently trading at $3.23 per MMBtu.