The eleven countries in the Gas Exporting Countries Forum due to meet Monday in Algeria are determined to confront the drop in gas prices, Russia's energy minister said Sunday. "We will discuss how to reach a fair price for gas. The member countries in the forum are determined to confront the drop in gas prices", Sergei Shmatko told the western Algerian city of Oran where the meeting is to be held.
Asked whether Russia planned to stem gas production, the energy minister said "if we reduce production, prices will soar", the agency APS reported. Earlier in the day, Qatari Energy Minister Abdullah bin Hamad al-Attiya said "the most important for us is to establish an appropriate price for the gas indexed to the price of oil".
Eleven countries make up the Gas Exporting Countries Forum, including Russia, the world's leading gas producer, and Iran and Qatar. The three countries combined hold some 60 percent of the world's gas reserves.