PM's Appeal To Oil Producing Nations Gets A Negative From Saudi Minister

PM Modi Knew HAL Would Not Get Offset Contracts Says Congress

The record prices have also dented fuel demand, with monthly diesel consumption falling for the first time in 10 months year-on-year in September and petrol sales growing at their slowest pace in four months.

"The prime minister asked Al-Falih what his cost of oil production was and why prices were rising so much".

Questioning Modi's silence over the deal, senior Congress leader Anand Sharma claimed that only the prime minister was aware that the offset contracts would not be given to Hindustan Aeronautics Limited (HAL). "The cooperation of the oil producing countries would be very critical to bridging this gap", it said.

"Though there is enough production, the unique features of marketing in the oil sector have pushed up the oil prices", it said quoting the prime minister.

Oil prices have reached four-year peaks as the market focused on upcoming USA sanctions on Iran while shrugging off the year's largest weekly build in U.S. crude stockpiles.

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. "This will help stabilise the global economy which is on the path of recovery", he said.

He appealed to the oil-producing countries to channel their surplus to pursue commercial exploitation in the oil sector in the developing countries.

Saudi Arabia told to investigate disappearance of missing journalist
Ford chairman Bill Ford and Uber chief executive Dara Khosrowshahi are also among those who will not be attending the conference. The report said that the Saudi government was preparing to say Jamal Khashoggi died during an interrogation that went wrong.

IPhone XR Revealed At Apple Event
The album went to Number 3 in the United States charts and was nominated for Best Dance/Electronic Album at that year's GRAMMYs. With curved corners, it's also slightly thinner, has more reliable reception and two times faster, thanks to a new processor.

Turkey to search Saudi consulate in missing journalist case
Concerns appeared to spread Monday to Japan's SoftBank, which has invested tens of billions of dollars of Saudi government funds. Prince Mohammed told Reuters past year that Blackstone and BlackRock Inc were planning to open offices in the kingdom.

India plans to build two strategic storage facilities to hold 6.5 million tonnes of oil costing around 110 billion Rupees ($1.6 billion) through a joint partnership between an Indian state firm and private company.

The country is over 83 per cent dependent on imports to meet its oil needs.

Interacting with global leaders of the energy sector, PM Modi said that a partnership between oil producers and consumers should be formed on the lines of other sectoral markets. "We heard it today loud and clear from the Prime Minister".

He, however, said the "pain" would have been "much louder" but the action by Saudi Arabia, the world's largest oil exporter, to invest in creating spare capacity was used to cushion price shocks. Al-Falih said Modi has cautioned "producers like myself not to kill the hen that lays the golden egg", in a reference to how high prices can kill demand and hurt economic growth.

The meeting, which was also attended by Finance Minister Arun Jaitley and NITI Aayog vice-chairman Rajiv Kumar, was called to discuss emerging energy scenario particularly ripples from U.S. sanctions on Iran and volatile oil prices threatening growth.

Modi highlighted the economic hardships higher oil prices bring to consuming countries like India, and sought capital and technological support from producers to raise local output.

Related News:



Most liked

Idaho Fish and Game Commissioner resigns amid graphic baboon hunting photo controversy
Keith Stonebraker, another former commission member, told the newspaper an apology by Fischer would satisfy him. He said: "They killed a whole family, including small baboons, and I think that's revolting".

Meghan Markle, Prince Harry announce pregnancy
They shared their baby news just after Kensington Palace had briefed reporters on the couple's programme for the next 16 days. The Duke and Duchess of Sussex are in Australia for their first official engagement together and here's what went down.

Child ‘vampire’ unearthed in Italy with rock stuffed into its mouth
The discovery was made at La Necropoli dei Bambini , or the Cemetery of the Babies, a fifth-century Roman cemetery for children. According to a press release from the University of Arizona, the child has come to be known as the " Vampire of Lugnano".

Notoriously bad United Airlines takes jab at Maple Leafs' sorry history
They've scored more goals than any other team in the league (20), and have three of the NHL's top four point-getters. They were pushing at the end there and they end up being able to convert on a bit of a bounce that went their way".

Russian Orthodox Church cuts all links with Constantinople
The Moscow Patriarchate has denied being a tool of the Kremlin and says it has tried to bring about peace in eastern Ukraine. Moscow rejects the independence of the Ukrainian Church.

Jared Kushner used paper losses to minimise his taxes, report says
The federal tax law on depreciation, "often represents a lucrative giveaway to developers like Mr. His net worth is nearly at $324 million, The Times reported.

Selena Gomez was in the hospital for the mentally ill
A source close to her knows more about the issue and provided more information for the online magazine Hollywood Life . Meanwhile, Lovato is also now recovering from her own struggles with addiction after a drug overdose in July.

Queens organization raises funds for breast cancer patients
Her doctor said it was normal for scar tissue to harden over time. "Just the whole experience is just a great experience". The National Breast Cancer Foundation recommends that you do this in the shower or while lying down.

Tua Tagovailoa reportedly reinjures knee in Alabama's game against Missouri
Saban labeled the injury a sprain on Thursday and noted that Tagovailoa hadn't missed any reps in practice. Tagovailoa spent almost 10 minutes in the tent, with his parents coming down from the stands to visit him.

Mega Millions, Powerball Jackpots Total Almost $1 Billion
The next drawing will be held Tuesday, Oct. 13, and there is a $372.6 million cash option for the $654 million jackpot. The last time anyone won the jackpot was July 24, when a group from California claimed a $543 million prize.

Trump says Mattis may go: 'I think he's sort of a Democrat'
Correspondent Lesley Stahl came armed for bear, quick to call Trump out on baseless claims and his deferral of certain questions. Perhaps the most telling part of this is that Trump views the mere idea of "punishing" as being "pretty harsh".

BK man charged in brawl after speech by far-right leader
Damage included smashed windows, a spray-painted door and a keypad lock covered in glue, according to state party officials. The Upper East Side Republican Club where McInnes spoke was vandalized before Friday's event.

Niners apologize for keeping Kaepernick out of gallery
From ownership on down, we've got so much respect for his contributions to this franchise and against the Packers . The 49ers have also issued a public apology, per Pro Football Talk , and have added Kaepernick to that gallery.

Google’s Pixel Camera app will soon gain support for external microphones
When you have chosen the text which you want to translate, the app will then analyse that text and translate it in real-time. Good or bad, there are 40 languages officially supported by technology that promises to deliver real-time translations.

Trump says he 'didn't really make fun' of Ford at rally
Trump: 'You know what? Asked during an interview Sunday on CBS' "60 Minutes" that he seemed to suggest she was lying about the incident at a high school party, Trump said, "I'm not going to get into it because we won".