Gas exporting countries’ Christmas present to the west was a long-feared “gas Opec”, as ministers meeting in Moscow on Tuesday transformed what had been an occasional talking shop into a formal body with a permanent secretariat. For now, Russia is probably right that “Gopec” cannot control output and prices. First, unlike oil, natural gas relies overwhelmingly on pipelines to deliver it to end-users, limiting scope for trading. It will take years for the market for liquefied natural gas – like crude, carried by tankers – to develop enough to create a big spot market.

Second, it does not make sense for Russia and other gas powers to push prices too high in the short term. Better to increase gas’s share of energy supplies, promoting it as reliable and competitive, than to scare energy importers into developing alternatives such as nuclear power.