Venezuela ? Venezuelan President Hugo Chavez’s proposal for a South American organization of natural gas producers based on the oil-exporting cartel OPEC baffled analysts contemplating the announcement.

Chavez said on his radio talk show late Thursday that he had spoken with Argentine President Nestor Kirchner about the idea of forming “a kind of Organization of Gas Exporting and Producing Countries in South America.” He proposed naming it “Opegas Sur,” and said it would start with Venezuela, Bolivia and Argentina, but could be expanded.

Far-fetched and toothless is how some natural gas experts described the idea Friday. One reason is that none of the three countries exports natural gas outside of South America, which stymies their ability to influence world gas markets. Venezuela doesn’t export any gas at all.