A recent Baker Institute study found that a Russia, Iran and Qatar gas cartel is unlikely. Instead of focusing on perceived threats, the U.S. should focus on regional conflict resolution and increasing dialogue within the Russian and Caspian regions. The Baker study featured research by several Carnegie scholars.

The so-called Seven Sisters—the major western oil firms that divided up world oil after WWII—now control only a small proportion of international reserves. Rather, state monopolies and emerging partially privatized firms now control the lion’s share of world oil. The Baker institute’s study is the first to look at how national oil companies affect the development of the global oil market.