The west has been warned that the era of cheap natural gas is over. Russian Prime Minister Vladimir Putin’s comments came as he hosted a summit between gas producers in Moscow. They are seeking closer ties and the meeting is expected to see the signing of an informal charter.
The gathering is being closely watched by consuming nations, worried that producers, particularly Russia, are trying to create an OPEC-style price cartel for gas. Russia has denied trying to emulate OPEC policies, but some fear a cartel could threaten Europe’s vital gas supplies.