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Gas producers form OPEC-style grouping

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Gas producers form OPEC-style grouping

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The world’s leading gas producers have agreed to create an OPEC-style organisation, with its headquarters in Qatar. Western consumer nations fear that a price-fixing cartel is being set up, but the group says this is not their intention.

However, Russian Prime Minister Vladimir Putin warned that the era of cheap natural gas was coming to an end: “Oil prices have dropped sharply but, in spite of the current fall in energy prices, the era of cheap energy, and especially of cheap gas is evidently over,” he said. Putin was addressing the Gas Exporting Countries Forum in Moscow. The group says its aim will be to coordinate the resources of the producer nations and defend their interests.