Russia-End of cheap gas.

RUSSIA.

END OF CHEAP GAS PUTIN WARNS.

The era of cheap gas is coming to an end, Russia’s Prime Minister Vlasimir Putin, has told ministers from the worlds major gas exporting countries. Putin said " The cost of extracting gas is rising sharply therefore the era of cheap energy resources, including gas is coming to an end".

Iran and Libya, are among the countries attending the Gas Exporting Countries Forum (GECF) in Moscow. Some observers say that the GECF may develop into an Opec-style producers cartel.

As head of the nation that is the worlds biggest gas exporter, the word of Putin carries considerable weight with producers as well as consumers.

Russia is going to set up group offices in St Petersburg, giving it full Diplomatic Status. The European Union relies on 42 % of its gas from Russia.

The countries in attendance at the meeting were Algeria, Bolivia, Brunei, Egypt, Indonesia, Iran, Malaysia, Qatar, Russia, Trinidad, The United Arab Emirates and Venezuela.