The time of cheap hydrocarbons is over, Russian gas giant OAO Gazprom's (GAZP.RS) Chief Executive Alexei Miller said Tuesday, following the creation of an Organization of Petroleum Exporting Countries-style body for gas exporting nations.
"We agreed that volatility in the oil price puts in doubt the fundamental thesis, that the era of cheap hydrocarbons is over," Miller said, adding that the group will assume this in its work.
Earlier Tuesday, Dow Jones Newswires reported that Iran, Qatar and Russia have agreed to form an OPEC-style organization for gas exporters.
The organization, which may be joined by other nations, will meet on a quarterly basis to discuss cooperation in exploration, refining and the sale of natural gas.