Putin: Cheap gas era is over

The era of cheap gas is coming to an end, Russia's Prime Minister Vladimir Putin has told ministers from the world's major gas-exporting countries. The Gas Exporting Countries Forum (GECF) meeting in Moscow has agreed a charter and plans for a permanent base. "A new organisation has been born today, said Russian Energy Minister Sergei Shmatko.

Mr Putin said the cost of extracting gas was rising sharply, therefore "the era of cheap energy resources, of cheap gas, is of course coming to an end".

Read more: BBC