Russia's Energy Minister, Sergey Shmatko, has hailed the emergence of the Gas Exporting Countries Forum as a new Opec for gas.

Speaking exclusively to RT, Sergey Shmatko said the countries would work together to stabilize prices.

He also said Russia would take on the political responsibility implied by the election of a Russian as the first secretary general of the group.

“Today we can speak about Gas opec as a fully fledged international organization. By a unanimous decision a Russian national was elected its secretary general. This is to show that member countries expect Russia to use its political weight to promote it.”

“It's not an easy time for gas market these days. So gas exporting countries need coordinated effort to ensure stability of the market. The new organization can become a platform to trade ideas. We will work in sync to avoid overproduction of gas.”