The Gas Exporting Countries Forum (GECF) declared on Monday gas prices should be pegged to oil prices, Russian Energy Minister Sergei Shmatko said.

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

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

Shortly before the meeting, Algeria's energy minister, 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.

Gas prices have almost halved in the past two years, primarily due to falling demand and surging U.S. production.

"Forecasts for the next five years are rather worrying as they display only very weak growth," Khelil said.

He said the 11 gas exporting countries should commit to reduce output and end the glut.

Guy Caruso, senior energy adviser at the Washington-based Center for Strategic and International Studies, told Bloomberg that GECF members take the view that gas "isn't getting its fair share" when compared with oil on an energy-equivalent basis.

MOSCOW, April 19 (RIA Novosti)