24 December 2008 | 10:00:04 AM | Source: AAP
Russian Prime Minister Vladimir Putin has warned that consumer countries face higher gas prices, as a fledgling forum that has raised fears of an OPEC-style gas cartel met to coordinate policy.
The Gas Exporting Countries Forum (GECF) groups Russia, the world's biggest gas producer, with other gas-rich states such as Iran and Qatar and 11 other gas-exporting countries.
In a keynote address at the forum's meeting in Moscow, Putin said on Tuesday that higher costs of exploration, production and transport meant that the era of cheap gas prices was ending.
"The expenses necessary for developing fields are rising sharply, and this means that despite the current problems in finances the era of cheap energy resources, of cheap gas, is of course coming to an end," Putin said.
Putin's comments come amid a weeks-long standoff between U
|Liveleak on Facebook|