RIA Novosti cited Mr Sergei Shmatko Russian Energy Minister as saying that the Gas Exporting Countries Forum declared on Monday gas prices should be pegged to oil prices.

The GECF, an 11 nation group of some of the world biggest gas producers, including global leader Russia, adopted a joint statement at its 10th ministerial meeting.

Mr Shmatko said "The joint statement was adopted unanimously. It aims to maintain gas prices and ensure parity of gas and oil prices."

Shortly before the meeting, Algeria energy minister, Mr Chakib Khelil said new natural gas production was leading to an excess of capacity in liquefied natural gas, which had resulted in a drop in prices to which the group was trying to find solutions.

Mr Khelil said "Forecasts for the next five years are rather worrying as they display only very weak growth. He said the 11 gas exporting countries should commit to reduce output and end the glut.”

(Sourced from RIA Novosti)