PM Modi Warns Oil Producers Over High Crude Prices Hurting Global Growth

Amid Fuel Price Hike PM Modi Appeals For Partnership With Oil Producers

Amid Fuel Price Hike PM Modi Appeals For Partnership With Oil Producers

The meeting assumes significance as the United States sanction against Iran kicks-in on November 4 and India is dependent on imports for more than 80 per cent of its oil requirement.

Among the corporates at the meeting were Saudi Aramco, ADNOC, BP, Rosneft, IHS Markit, Pioneer Natural Resources Company, Emerson Electric Company, Tellurian, Mubadala Investment Company, Schlumberger Ltd., Wood Mackenzie, World Bank, International Energy Agency (IEA), NIPFP, Brookings India and various Indian companies involved in both upstream and downstream operations.

Meanwhile, official sources said that Modi will meet the chief executives of major global and Indian oil and gas companies as the U.S. sanctions on Iran comes into effect from November 4, and as crude oil prices continue to be volatile.

Similarly, petrol prices in Mumbai, Kolkata and Chennai also rose on Sunday - to Rs 88.18 in Mumbai, Rs 84.54 in Kolkata and Rs 85.99 per litre in Chennai. The currency has fallen 14.5% this year, which makes crude imports - paid in dollar - costlier and pushes up oil import and subsidy bills.

"We heard it today loud and clear from prime minister (about consumer pain)", Al-Falih said.

The rupee, which is now Asia's worst-performing tender, has lost around 14 percent of its value against the American currency this year.

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He said, this will help stabilise the global economy which is on the path of recovery.

Union ministers Arun Jaitley and Dharmendra Pradhan and NITI Aayog vice-chairman Rajiv Kumar were also present at the meeting.

Modi sought greater participation of private companies in the distribution of the gas sector.

The prime minister also spoke about the various policy initiatives and developmental measures undertaken by his government in the sector including liberalisation in gas pricing and marketing, open acreage licensing policy, early monetisation of coalbed methane, incentives for the discovery of small fields and seismic survey at a national level. Talking of ongoing commercial exploitation, he made a special mention of extension of production sharing contracts, the statement said.

Modi's first meeting was on January 5, 2016, where suggestions for reforming natural gas prices were made.

Falih said oil prices would "easily be at the three digit range had it not been for the extra effort the kingdom has done over many years by investing in capacity and then unleashing that capacity, delivering barrels over last few months, reversing inventory draw down". But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC). "He said my cost is very high and if oil price is $40-50 (per barrel), we will start losing money", Vedanta Group Chairman Anil Agarwal, who attended the meeting, said.

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